Rosneft, CNPC sign East Siberia pact

OAO Rosneft and China National Petroleum Corp. have signed a memorandum for a joint venture on upstream projects in East Siberia.

OAO Rosneft and China National Petroleum Corp. have signed a memorandum for a joint venture on upstream projects in East Siberia.

Development of Srednebotuobinsk oil and gas-condensate field will serve as the foundation for the future joint venture, with Rosneft holding 51% and CNPC 49%.

The field began producing oil earlier this month. A pipeline links the field to the Eastern Siberia-Pacific Ocean (ESPO) pipeline about 169 km away near the city of Lensk.

On Oct. 14, Rosneft consolidated 100% of Taas-Yuriakh Neftegazodobycha LLC into Rosneft subsidiary RN-Vostochnaya LLC. Taas-Yuriakh Neftegazodobycha holds production licenses for the Central and Kurungsk blocks of the Srednebotuobinsk field.

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