Rosneft and and Beijing Enterprises sign agreement on Verkhnechonskoe field development

Jun 26, 2016 12:00 AM

Rosneft and Beijing Enterprises Group have signed Heads of Agreement for cooperation in a number of spheres. The document was signed in the presence of the Russian President Vladimir Putin and the Chinese President Xi Jinping by Rosneft CEO Igor Sechin and Beijing Enterprises Group Chairman of the Board of Directors Wang Dong.

The document sets the basis for future cooperation development between the companies in various areas of the oil and gas business. In particular, the parties agreed on the potential sale by Rosneft to a designated subsidiary of Beijing Enterprises Group of 20% shares in Verkhnechonskneftegaz* (a Rosneft subsidiary). The parties intend to sign binding agreements on the transaction in Q4 2016..The completion of the transaction shall be subject to, in particular, certain regulatory clearances.

Following the signing of the documents, Igor Sechin said: 'The alliance with Beijing Enterprises opens up new prospects for the development of our long-term projects in East Siberia. Following the best international practice, we join our efforts with international partners to implement upstream projects which help us minimize our expenditures and increase the immunity of our projects to market volatility. Expertise and capabilities of our partner at the key energy resources’ end market offer significant synergies to our cooperation.'

*Verkhnechonskneftegaz holds a licence to develop the Verkhnechonskoe oil, gas and condensate field. The ?1+?2 remaining reserves of the field are 173 mmt of oil and gas condensate and 115 bcm of gas. In terms of the reserves volume, this field is of federal importance category. The current oil production level is 8.5 mmtpa.

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