Rosneft to use advance payment for oil supply to China for its production

Advance payment for oil supplies to China will allow Rosneft to accelerate development of Eastern Siberian fields, the Deputy Minister of Energy Yuri Sentyurin stated yesterday. According to him, it is a question of the Suzunskoye, Tagulskoye, Lodochnoye, Yurubcheno-Tokhomskoye, Kuyumbinskoye fields and deposits of the Messoyakh group. “If to look at the term and schedules of this work, you will find that they will reduce from 10 to 3 years,” – the Interfax cited the official’s words. In August, the Rosneft’s President Igor Sechin during the meeting on social and economic development of the Primorsk region at the Vladimir Putin’s office talked about launch of these fields in 2016-2019. He estimated the amount of investments into exploration and land extraction at $200 billion through until 2022. About $65 billion of this amount are planned to be invested into launch of new fields.

Ankorinvest’s analyst Sergei Vakhrameev says that with funds the company will start the production in time. According to him, the Suzunskoye field will give 4.8 million tons at its peak, the Tagulskoye one – 4.7 million tons, the Russkoye field – 7.5 million tons, the Yurubcheno-Tokhomskoye one – 5 million tons, the Lodochnoye – about 2 million tons, the Rosneft’s share in the Kuyumbinskoye field will be 5 million tons and in the Messoyakh group of deposits – 9.2 million tons (Gazpromneft is its partner in these two projects). In 2012, the Rosneft’s extraction of oil and gas concentrate made up 122 million tons. By results of 2013, the oil production is predicted to be 207 million tons.