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


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

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