Rosneft requests postponement of Black Sea drilling until 2017
KRASNODAR. June 10 (Interfax) - Rosneft has filed to postpone drilling a first well in the Black Sea until 2017, President Eduard Khudainatov said at the Rosneft AGM on Friday.
"We filed a request with the Fuel and Energy Commission to move back the date for drilling the well, from 2012 as originally planned to 2017," he said.
"We have no plans to immediately begin drilling in the Black Sea. We will perform geological research, model the fields. It might take many years to decide on development, production," Khudainatov said.
"When we agreed [to implement the project], we didn't say we were planning to produce oil there. We are planning to study everything," he said.
Several Rosneft shareholders express concern over the environmental impact of oil production in the Black Sea, at Rosneft's properties in the Tuapse Trough and Val Shatsky.
One shareholder was concerned about a deepwater spill similar to the one in the Gulf of Mexico. Another thought that the combination of hydrogen sulfide deposits, oil extraction and the new undersea natural gas pipeline that supplies Sochi could spell disaster.
Khudainatov assured shareholders that a decision on production was far off, and that if the company does decide to commence production, it will strive for zero environmental impact.
"If it comes to that, everything will be done and built in accordance with the strictest environmental protection standards," he said.
Rosneft and Chevron signed the agreement on development of Val Shatsky in the Black Sea in the summer of 2010. They also created an operating company in which Chevron has a 33% interest. Chevron will finance the geological exploration, including seismic work and exploration drilling. Spending on geological exploration will total $1 billion. In the event the companies decide to develop the resource, investment might total 1 trillion rubles.
In January 2011, Rosneft signed a similar agreement with ExxonMobil on geological exploration and development of sections in the Tuapse Trough. ExxonMobil has a 33% interest in the joint venture operating the project and will finance exploration work. The two companies are expected to sign a detailed agreement on the project before the end of the year.
In addition, last year Rosneft received the license to another Black Sea section, Yuzhno-Chernomorsky.
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