Rosneft Starts Exploration Drilling at Sakhalin-1 Project

Russia’s Rosneft started exploration drilling at the Northern Chaivo field, Sakhalin-1 project, proving its clear commitment to the Far Eastern Federal District. According to the company, recoverable reserves are 14.9 million tons of oil, and 4.3 billion cubic meters of gas. 

“Rosneft enthusiastically participates in implementation of the development program of the Far East initiated by Russian President Vladimir Putin. Far East is the priority area for Rosneft. Our largest projects in the region are represented by offshore development, creation of the shipbuilding cluster, construction of the Far East Petrochemical Company, and the LNG plant on Sakhalin,” Rosneft President Igor Sechin commented in a note released on Friday.

According to the press release, the participants of the project are planning to reach design capacity for oil in 2017, for gas in 2027, with maximum values of 1.6 million tons of oil, and 1.5 million cubic meters of gas.

Over the last three years, Rosneft increased its investment from 19 billion roubles to 37 billion roubles. The company intends to further step up its financial efforts to develop its assets in the Far East.