OJSC Oil Company Rosneft

09/30/2019 | News release | Distributed by Public on 09/30/2019 09:12

Rosneft Discovers New Field Offshore Sakhalin

As part of its exploration campaign, Rosneft Oil Company has successfully completed the drilling of the first prospecting and appraisal well at the Vostochno-Pribrezhny license block on the shelf of Sakhalin Island, resulting in the discovery of a new oil field.

The well was drilled by Rosneft's own drilling contractor RN-Burenie in accordance with the planned dates and all safety and environmental protection standards.

As a result of drilling, the measured depth was 3,047 metres; the vertical deviation was 1,450 metres. A well design that provided for drilling two holes with S-shaped paths was developed for optimal discovery of all intended targets in the course of drilling in difficult geological conditions. A set of geophysical studies in the open hole confirmed the oil saturation of productive formations.

Preparations are now underway to test the well in casing. According to preliminary estimates, the reserves are up to 2 million tonnes of oil, which will be included in the State balance sheet in 2019.

In the course of further development of the project, decisions will be made on the timing of the commissioning of the new field. The first well drilled in the licensed area at the moment confirms the forecast made earlier by the Company's geologists for the resource potential of the entire area of 11 million tonnes of oil equivalent.

Note for Editors:

Rosneft Oil Company possesses licenses for the exploration of 55 offshore sites in Russia.

The Okhotsk Sea shelf is a priority for the Company. More than 20 years ago, Rosneft was the first company to start the development of the transit zone on Sakhalin Island with the use of an extended-reach well. The main oil and gas production projects of the Company on the Russian continental shelf are located here: Sakhalin-1 (as part of the international consortium), the Northern Tip of Chayvo license, the Odoptu-Sea field (the Northern Dome), and the Lebedinskoye field.

The Vostochno-Pribrezhny license block is located in the Nabilsky Bay of the Sea of Okhotsk. The license for geological exploration, development, and production of hydrocarbons in the Vostochno-Pribrezhny block was issued in December 2016.

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September 30, 2019