Rosneft and Sinopec to jointly develop Russkoye and Yurubcheno-Tokhomskoye fields

Rosneft and China Petrochemical Corp. (Sinopec) have signed a heads of agreement on cooperation within the proposed joint development of Russkoye and Yurubcheno-Tokhomskoye fields.

Under the agreement, Sinopec Group has the right to acquire a 49% stake in East Siberian Oil and Gas Co. (ESOGC) and Tyumenneftegaz, which hold the exploration licenses for Russkoye and Yurubcheno-Tokhomskoye fields, respectively.

The two fields are located in one of the key regions of Rosneft operations. Joint development of tight oil reserves will allow Sinopec Group and Rosneft to mitigate the operational risks of the projects. The cooperation will also enhance the projects' capacity in financing, technology, and implementation.

As a next step, Sinopec Group and Rosneft will set up a Joint Technical Group to finalize the investment plan and agreement. The closing of the transaction is subject to a number of standard conditions including approval from governmental authorities.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...