ST.PETERSBURG: The head of Russian oil giant Rosneft said on Wednesday that his company, in a joint project with Norway’s state-controlled Statoil, hopes to find an oil deposit of over 100 million tonnes of oil equivalent in the Sea of Okhotsk in Russia’s Far East.
Rosneft Vice-President for Energy Andrey Shishkin said on Tuesday that the first results of the joint drilling project in the Sea of Okhotsk will be available in 20 days.
“Rosneft, together with Norway’s Statoil, will drill two exploration wells in the areas of Magadan-1 and Lisyansky in the Sea of Okhotsk. Modern drilling technology will be employed for these purposes. The drilling of an exploration well on the Lisyansky license area was started this month, the first 757 meters have been completed, and we hope to find a deposit with a resource of more than 100 million tonnes of oil equivalent,” Igor Sechin said while talking at an annual shareholders meeting.
In 2012, Rosneft and Statoil signed a cooperation agreement providing for the joint development of Russian shelf areas, as well as Rosneft’s participation in the development of Norwegian continental shelf areas.
