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Rosneft and Sinopec decide to drill 3rd well at Sakhalin-3

Interfax citing Mr Lev Brodsky RN-Far East chief as saying that Russian Oil Company Rosneft and China Sinopec have decided to drill a third well at the Veninsky block at Sakhalin-3 for the further determination of resources. The company, Mr Brodsky said has already listed this deposit reserves with the State Reserves Commission. It has been reported that they come to around 49 billion cubic meters of gas.

He said that "This deposit is rather efficient to develop, but nonetheless, our partner and we have decided to drill one better Severo-Veninskaya-3. The aim of this well is to reveal possible additional reserves in underlying horizons. The second aim is to make a more accurate model of this deposit."

The drilling of this third well is planned for next year. Rosneft has extended the exploration license until the year after that. He said that Rosneft continues to study how feasible operations at the Kaigano-Vasyukansky section would be work the company is doing with BP.

Mr Brodsky said "We opened the deposit Kaigano-Vasyukanskoye sea but unfortunately our calculations showed that these reserves and the conditions they are located in and that is deep ocean and distance from shore are not at this point sufficient for commercial development."

He said in order to resolve this problem and to arrive at a final decision on working this section and Rosneft is studying the prospects for a transit zone and the possible increase of resources in peripheral zones in the region in subjacent horizons.

He added that the implementation of a government plan to reduce the tax burden on shelf deposits could have a great impact on the making of the decision.

Mr Brodsky said Rosneft will soon begin testing the first well drilled at yet another section on the Sakhalin shelf Lebedinsky. The drilling of this well began this past May. He said that "It has now reached its designed depth of 4,500 meters. We will begin testing it literally within several days."

The drilling of a second well at the Lebedinsky section is planned for the fourth quarter of this year. Mr Brodsky said "The Lebedinsky section has modest resources compared with such projects as Sakhalin-1 and Sakhalin-2, but it could be sufficiently effective enough considering the possible use of Sakhalinmorneftegas infrastructure."

Rosneft will next year begin 2D and 3D seismic surveys at Nekrasovsky in Astrakhan Sea. Exploratory drilling in line with the licensing agreement is planned to start in 2015.

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