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Rosneft Increases Resource Base of Verkhnechonskoye Field

18 December 2019

Rosneft has increased the resource base of the Verkhnechonskoye oil and gas condensate field (within the Verkhnechonskoye licence area) by 51.8 million tonnes of oil and condensates in the AB1B2 category and by 66.4 bcm of gas in the B1B2 category. The remaining recoverable reserves of the field have increased by 33% for oil and condensate and 57% for gas. Thus, the expected initial recoverable reserves as of January 1, 2020, will amount to 276 million tonnes of oil and condensate and 193 bcm of gas.

Due to efficient geologic surveys, the modern data processing system, and the use of new technologies, it was possible to increase the field’s reserves.

The improvement of reserve replacement efficiency is one of the key elements of the Rosneft-2022 Strategy. The Company has undertaken a commitment to replenish at least 100% of the hydrocarbons produced.

During the operation of the Verkhnechonskoye field from 2013 to 2019, the company’s specialists accumulated a significant amount of geological and geophysical information through the study of production wells. Based on the results of the new stage of exploratory drilling and production drilling with core sampling collection, the geological model of the field structure, including its petrophysical model, was updated.

In November 2019, together with Rosneft’s design institutes, Tyumen Oil Research Centre and RN-KrasnoyarskNIPIneft, they carried out work to calculate reserves and supplement the field production model.

Changes in the number of reserves will help to update the development system of the Verkhnechonskoye field, which in turn will extend its life cycle.

Note for Editors:

The Verkhnechonskoye oil and gas condensate field, located in the Katangsky District of the Irkutsk Region, is developed by Verkhnechonskneftegaz JSC, a subsidiary of Rosneft Oil Company. The Verkhnechonskoye field is equipped with all the necessary infrastructure for the production and treatment of oil for the market.

Since 2017, Beijing Gas Group Company Limited has been among the shareholders of Verkhnechonskneftegaz with a 20% stake. The enterprise is operating the license areas of Rosneft Oil Company in Irkutsk and Krasnoyarsk Regions.

December 18, 2019