BP: Rosneft to transfer Kharampurskoye, Festivalnoye licenses to project operator in 2018
MOSCOW. July 31 (Interfax) - BP expects that Rosneft will transfer the subsoil use licenses for the Kharampurskoye and Festivalnoye license areas to Kharampurneftegaz LLC later this year, BP said in its quarterly earnings report.
As reported, Rosneft and BP reached agreement in December 2017 to develop subsoil resources within the Kharampurskoye and Festivalnoye license areas of the Yamalo-Nenets Autonomous District in northern Russia, with total geological reserves exceeding 880 billion cubic meters of gas. Rosneft will market the oil and gas produced.
The project envisages the development of the traditional gas reserves of the Cenomanian deposit, pilot production and subsequent full-scale development of the Turonian deposit as well as oil production optimization and efficiency.
BP acquired a 49% stake in project operator Kharampurneftegaz in Q2 2018. A Rosneft subsidiary, RN-Gaz LLC, owns the other 51%.