Rosneft to decide on geological survey plans for Kaygansko-Vasyukansky block in 2012
YUZHNO-SAKHALINSK. July 5. (Interfax) - Rosneft will decide on its plans for further geological survey at the Kaygansko-Vasyukansky block under the Sakhalin-5 project this year, Natural Resources and Environmental Protection Minister of the Sakhalin Region Natalya Salayeva said at a plenary session of the Sakhalin Regional Duma on Thursday.
"The Kaygansko-Vasyukansky oil and gas deposit has been discovered at this section. Two primary areas for continuing geological survey work have been identified there: the peripheral sections of Kaygansko-Vasyukanskoye Sea and the transition zone. In 2012, planning will continue, as will the adoption of decisions for further geological survey to confirm the commercial advisability of developing reserves discovered at this deposit," Salayeva told deputies.
Speaking about the Veninsky section under the Sakhalin-3 project, she recalled that Rosneft will drill the third exploration well during the summer and fall of this year. Based on the results of drilling and testing, a decision will be made on the commercial development of the North Veninskoye field, with 39 billion cubic meters (bcm) of gas reserves.
Rosneft (74.9%) and Sinopec (25.1%) are jointly carrying out prospecting and exploration work at the Veninsky licensed section under the Sakhalin-3 project. The section is located on the shelf of Sakhalin Island in the Sea of Okhotsk and covers 5,300 square kilometers. Sea depth around the area ranges from 25 to 150 meters.
CJSC Elvary Neftegaz (a joint venture between Rosneft (51%) and BP (49%)) is conducting prospecting and exploration work at the Kaygansko-Vasyukansky block. Last year, Rosneft's management announced that it was planning to start developing the Kaygansko-Vasyukansky block in 2017. Four wells have been drilled there so far, and one deposit has been discovered (the Kaygansko-Vasyukanskoye deposit), with balanced reserves of 56 million tonnes of oil and about 30 bcm of gas.