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Rosneft today

Rosneft Strengthens its Positions at the Key Markets of the Asia-Pacific Region

18 March 2016

Rosneft Chairman of the Management Board made a tour through Asian countries during which he visited the Company’s exploration and production assets and signed a range of breakthrough deals with leading market players of the region.

Development of offshore capabilities in the international waters

On March, 14 Rosneft Chairman of the Management Board Igor Sechin and Petrovietnam’s President & CEO Nguyen Vu Truong Son made a visit to Rosneft operated Lan Tay production platform and exploration drilling rig in Block 06.1 offshore Vietnam.

For the first time Rosneft is operating a drilling project, in International waters confirming the Company's competence and ability to implement technically complex drilling programs offshore.

The design depth of the well will be around 1380 m, while the sea depth in the area is about 162 m. The expected recoverable reserves of natural gas in the PLDD geological structure are estimated at 12.6 bcm, and 0.6 mt of gas condensate which can be developed by subsea completion and tied-back to the existing Lan Tay platform operated by Rosneft in Block 6.1.

Speaking during his visit to the drilling rig, Igor Sechin said: “The implementation of projects in Vietnam is one of the priority of Rosneft’s international strategy. The development of offshore fields in one of the most dynamically growing Asia-Pacific region country is a remarkable example of high-tech cooperation with our partners - Petrovietnam and ONGC. We appreciate not only the current progress of joint projects implementation in Vietnam, but also the future prospects for their development.”

Nguyen Vu Truong Son highly appreciated Rosneft’s efforts in drilling Wild Orchid well to the depth of more than a thousand metres, which is really a technological and technical challenge. The exploration program together with the drilling campaign this time reflected Rosneft’s determination in the maritime zones of Vietnam. As Operator of Block 06.1 and investor in the Nam Con Son Pipeline, Rosneft has made significant contributions to Vietnam. Mr Nguyen Vu Truong Son assured Petrovietnam’s strongest support for Rosneft’s development and expansion in the continental shelf of Vietnam.

Formation of an international energy hubs in Eastern Siberia

On March 16th Igor Sechin made a visit to India where he held talks with the Minister of petroleum and natural gas Dharmendra Pradhan. The parties highly appreciated the cooperation between Russia and India in the energy sector and confirmed the intention to expand mutually beneficial partnership.

The significant volume of unprecedented documents signed between Rosneft and the leaders of indian fuel and energy sector became the confirmed the quality of the dialogue. Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a Heads of agreement in respect to the acquisition by a group of Indian investors of a 23,9% share in Vankroneft. The document envisages the possible execution of legally binding documents with regard to the sale and purchase transaction.

Rosneft also signed with ONGC Videsh Limited a Memorandum of understanding for cooperation in respect of the Vankor project, envisaging the prospective increase to 26% of the share of the Indian company in Vankroneft. The document also oversees the analysis of the joint trading development’s potential, including the possibility of entering into long-term crude-oil supply contracts. Earlier the companies signed the agreement of sale and purchase of 15% in Vankorneft and shareholders agreement in regard of the joint enterprise management. The closing of the sale and purchase deal is expected in the short term.

Moreover Rosneft, Oil India, Indian Oil and Bharat Petroresources signed a Memorandum of understanding for cooperation in respect of the Vankor project, envisaging the joint analysis of a potential partnership with the scope of the development of the Suzunskoye, Tagulskoye and Lodochnoye fields.

Attraction of a consortium of strategic investors to participate in the Taas-Yuryakh Neftegasodobycha project became another achievement of the held negotiatons.

Rosneft (acting by the wholly owned subsidiary RN-Razvedka i Dobycha), Oil India, Indian Oil and Bharat Petroresources signed a legally binding share sale agreement relating to 29.9% participatory share in Taas-Yuryakh Neftegasodobycha.

The document provides for the entry Rosneft and BP on the basis of Taas-Yuryakh Neftegasodobycha. Rosneft will retain a majority stake in the JV. The parties plan to close the transaction aftert obtaining neseccary regulator and other approvals. After the signing ceremony Rosneft Chairman of the Management board Igor Sechin said: “The signed documents literally mark the turning of a new leaf in the cooperation between Russia and India in the energy sector, reached in continuation of the agreements, achieved at the highest level between the President of the Russian Federation Vladimir Putin and the Prime Minster of India Narendra Modi. The cooperation formula, designed at the corporate level, is aimed at the creation of vertically integrated model, allowing India partners to participate in the upstream sector, whilst opening the growing India market to Rosneft. The reached agreements represent a shift from energy dependency to energy partnership of both countries”.

The Minister of petroleum and natural gas of India Dharmendra Pradhan noted that: “The signed documents are a remarkable achievement, demonstrating the level of partnership between Russia and India. It is of prime importance that the cooperation is of a long-term nature and it will deliver significant multiplicative effect for the economies of both countries”.

Development of a shipbuilding cluster on the baisi of the Zvezda shipbuilding complex

On March 18th during his visit to China Igor Sechin visited production sites where the equipment for Zvezda shipbuilding center will be built .

Two contracts for equipment supplies to the future shipyard were signed in the presence of Rosneft Chairman of the Management Board Igor Sechin.

Zvezda Far East Shipyard and Nantong COSCO Heavy Industry Co.,Ltd(CHIC) have signed a contract for the supply of 9 cranes for Zvezda shipyard.

According to the contract, CHIC is to supply equipment with unique characteristics to the construction site of Zvezda shipyard in 2016-2017 – a 1200 t Goliath crane, four 320 t cranes and four 100 t cranes.

In addition, Zvezda Far East Shipyard and Suzhou Dafang Special Vehicle Co. Ltd have signed a contract for the supply of five self-propelled heavy transporters.

Suzhou Dafang Special Vehicle is to supply two 650 t transporters, two 320 t transporters and one 150 t transporter.

Having inspected the operational sites, Igor Sechin inspected the operational sites, involved in the production of equipment for the Zvezda Shipbuilding Complex. The Head of Rosneft said: "The contracts awarded today are an example of mutually beneficial cooperation with our Chinese partners. Chinese companies are among the leaders of the industry. Deliveries of unique shipbuilding equipment will facilitate the task of building one of the leading shipyards in the world."