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Russia: Rosneft looking to double the reserves on Vankor field

15 Apr 2005

Rosneft is now expecting C1 oil reserves at the Vankor field in the Krasnoyarsk territory to double to 90 million tonnes, Rosneft Senior Vice President Sergei Alexeyev said at a Krasnoyarsk investment forum this week. C1 reserves at the field currently total 45.2 million tonnes and he suggested they expect exploration drilling to produce another 45 million tonnes of oil. Recoverable reserves at Vankor are estimated at 250 million tonnes of oil, which is the level necessary for the project to be commercially effective. "The company drilled a test horizontal well three weeks ago and this produced a flow of 1,000 tonnes a day, Russia hasn't seen that in a while," Alexeyev said. He said there were two projects planned to export oil from the Vankor field, a southern and northern project. "The southern route is not being considered that highly at this time since it will allow the export of no more than 45% of the oil produced," he said. A pipeline must be built to Dickson, estimated to be 780 kilometres in length in order to ship to the north. The pipeline would also have capacity of 18 million tonnes and would include seven loading stations. It is estimated the Vankor project will pay for itself in about 14 years and production will peak at 14 million to 15 million tonnes. Vankorneft, a Rosneft subsidiary, produced flows of 1,000 tonnes a day at the N9 well at the Vankor field during exploration drilling. A reinterpretation of seismic data in 2004 revealed that Vankor field and the North Vankor block, licensed to Rosneft subsidiary Taimyrneft, are a single two-cap structural rise of about 15 and 37 kilometres (previously 9.5 and 19 kilometres). Recoverable reserves at Vankor will nearly double as a result, as they were previously estimated at 125 million tonnes. Rosneft invested about 2 billion rubles in the field lat year and will invest 5.9 billion rubles in 2005. The company plans to begin commercial oil production at Vankor in 2008 and reach full capacity in 2009.

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