Rosneft, BP finalize formation of Yermak Neftegaz JV
MOSCOW. Nov 1 (Interfax) - Rosneft and the UK's BP have completed a deal to create a new joint venture, Yermak Neftegaz LLC, to conduct exploration in the West Siberian and Yenisei-Khatanga basins in Russia, the Russian state oil major reported on its website.
Yermak Neftegaz is 51% owned by Rosneft and 49% by BP, which will provide up to $300 million in two phases as its contribution to financing the venture's operations at the exploration stage.
Rosneft will contribute the "licenses and operational experience in West Siberia and Yenisei-Khatanga with initial drilling to be performed by Rosneft subsidiaries," the company said.
Beginning in the coming winter season of 2016-2017, the joint venture will carry out further appraisal work by starting the drilling of the Bkl-21 well on the 2009 Rosneft-discovered Baikalovsky field inside the Yenisei-Khatanga areas of mutual interest and will commence seismic surveys of the Zapadno-Yarudeiskoye block in West Siberia, Rosneft said. The joint venture will also conduct geological exploration of the Kheiginskoye and Anomalnoye licenses in West Siberia.
Yermak Neftegaz has also won auctions for two blocks in the Yenisei-Khatanga basin, Verkhnekubinsky and Posoisky. The venture holds a total of seven resource licenses.
