Rosneft has bought out BP’s share in Elvari Neftegaz

Rosneft has bought out BP’s share in Elvari Neftegaz CJSC engaged with geological exploration at the Kaigano-Vasyukan block in Sakhalin-5. Before December 17 2012, Rosneft used to hold 51% in Elvari Neftegaz, and BP used to hold 49%. Thus, now Rosneft holds 100% in Elvari Neftegaz.

The Kaigano-Vasyukan site is located in north-eastern part of Sakhalin. Sea depth is 90-120 m. They have drilled 4 wells at the block. Extractable oil and gas condensate reserves by ABC1 are 16.14 million tons at the site. Rosneft is going to start its development in 2017.

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