Rosneft and CNPC Signed a Framework Agreement on the Purchase of 10% Share Stake of Vankorneft

abarrelfullabarrelfull wrote on 11 Nov 2014 07:54
Tags: c-asia cnpc rosneft russia top upstream

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Rosneft and China National Oil & Gas Exploration and Development Corporation (CNPC subsidiary) have signed a framework agreement envisaging the purchase of a 10% share stake in ZAO Vankorneft. The document was signed on the sidelines of the APEC summit.

The agreement was signed by Rosneft Chairman of the Managing Board Igor Sechin and CNPC Chairman of the Board of Directors Zhou Jiping. The signing ceremony was led by the President of the Russian Federation Vladimir Putin and the the President of the People’s Republic of China Xi Jinping.

The signed document regulates the key parameters of the deal, which will form the basis of the contract.

Commenting on the signing, Igor sechin said: “Today’s reached agreement show the systematic development of the large-scale cooperation with our Chinese partners, including the upstream area in the Russian Federation”.

Note for editors:

On the 13th of October, 2014 Rosneft and CNPC signed the development of strategic cooperation agreement. The signing ceremony was led by the heads of the Governments of the Russian Federation and People’s Republic of China.

ZAO Vankorneft is a Rosneft subsidiary, established in 2004 with the scope of development of the Vankor oil field - one of the biggest oil fields, discovered and developed in Russia in the last 25 years. The field is located on the North of East Siberia in the Turukhankskiy region of the Krasnoyarks Krai 142 km from the Igarka river. It covers 416,5 sq. km. Initial recoverable reserves of the Vankor field are 500 mln t of oil and 182 bcm of gas.

In 2013 the production of the Vankor field amounted to 21.4 mln tonnes of oil, which exceeds 2013 production figures by 17%. Today the daily production (as to 01.01.2014) exceeds by 9% 2013 results. Thanks to process design solutions oil recovery efficiency at Vankor is one of the best in Russia. Oil production is fully automated.

Oil transportation is being effected via the 556 m pipeline Vankor - Purpe. The oil, produced at the Vakor field, is one of the major source of the ESPO pipeline packing.

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