Rosneft Ships Crude to China to Pay Up the Debt
Rosneft has started rail shipments of crude to China, AK&M news agency quoted the sources with the company. As much as 200,000 tons of oil are to be delivered in February, said the sources, declining to elaborate.
According to Rosenergo head Sergey Oganesyan, Rosneft and Chinese CNPC sealed a long-term contract for oil deliveries in exchange for money. “The contract has been signed, the money obtained,” Oganesyan said. As announced, Rosneft was to raise $6 billion under the agreement, which committed the company to ship 48.4 million metric tons of oil to CNPC. The funds were raised to re-finance the deal on Yuganskneftegaz acquisition.
At the end of 2004, Russian Railways head Gennady Fadeev said railways will ship at least 10 million metric tons in 2005 vs. 6.5 million metric tons in 2004. Rosneft will account for 4 million metric tons.
Rosneft announced yesterday Yuganskneftegaz has completely resumed production in its fields after the crisis it suffered late last year.
In particular, scheduled drilling started in Maly Balyk oilfield, generally concerned the most promising area. Most of the wells from 216 slated for drilling in 2005 will be drilled exactly there.
Production has already begun from more than 640 wells in Maly Balyk, but the number of wells will rise in the near term.
Maly Balyk oilfield is located in Nefteyugansk area of Khanty-Mansiysk district and was put in commercial operation in 1984. Overall licensed area stands at around 600 sq. km. Proven reserves equal 166 million metric tons.
Yuganskneftegaz is also developing Mamontovskoe oilfield, Tyumen region. The field was discovered in 1965. Hydrocarbon deposits were found at the depth of 1.9 km.-2.5 km., oil density — 0.87-0.89 g./cub.m., recoverable reserves estimated at 722 million metric tons of oil. The field was put in commercial operation in May of 1970.
Another major oilfield of Yuganskneftegaz is Priobskoe oilfield, Khanty-Mansiysk district. It was discovered in 1982 and has 1.5 billion metric tons in explored reserves and over 600 million metric tons in recoverable reserves.
Rosneft completed the deal to acquire Yuganskneftegaz late past year. The stake was bought out from Baikal Finance Group, a little-known company which won the RFFI auction for 76.79 percent stake in YUKOS production arm Yuganskneftegaz. Yuganskneftegaz was sold to partially settle YUKOS back taxes.
Rosneft has legally become Yuganskneftegaz owner on December 31, 2004. On the same day, the office of Yuganskneftegaz GD was taken by Vladimir Bulba, former head of Rosneft-Purneftegaz.
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