Rosneft and Sinopec to start production in the Okhotsk Sea
Edited by Rhod Mackenzie / 2014-05-30 11:34:46
The Russian Government has allowed joint venture of Rosneft and Sinopec – Venineft – to explore and extract hydrocarbons at the North-Veninskoye gas condensate field in the Okhotsk Sea.
The corresponding decree was signed by prime Minister Dmitry Medvedev. The joint venture received “the right to use the subsoi larea of federal importance, which includes the North-Veninskoye gas condensate fields (the Sakhalin region)” in the Okhotsk Sea; the one-time payment for the site is 87,2 million rubles.
Venineft presented Rosnedra's certificate dated July 20th of 2010 on fact of the North-Veninskoye gas condensate field discovery to the Government. Rosneft received 74.9 % of shares in the joint venture and Sinopec - 25,1%.
