Rosneft starts development of Vendian sediments

AK&M 06 August 2020 23:34

East-Siberian Oil and Gas Company (PJSC Eastsiboilgas, operating as part of Rosneft) has drilled the first production well in the Vendian sediments of the Yurubcheno-Tokhomskoye field in the Evenkiysky municipal district of Krasnoyarsk krai, Rosneft informed.

The Vendian strata overlie the Riphean sediments, the most ancient productive sediments on Earth formed more than 1 billion years ago.

The oil extracted from the sediments is ultra-light and contains little sulfur and hydrogen sulfide, resin and paraffins. Its unique properties make it optimal for advanced processing.

The crude oil produced at the Yurubcheno-Tokhomskoye oil and gas condensate field has a density comparable to Brent and is lighter than Urals, the main Russian export grade, but the sulfur content is significantly lower than in both Russian benchmarks.

Rosneft is the leader of Russia's petroleum industry and the world's largest publicly traded petroleum company. The Company's main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas condensate production, upstream offshore projects, crude processing, as well as marketing of oil, gas, and refinement products in Russia and abroad.

The company is on the list of strategic enterprises in Russia. Its principal main shareholder (40.4% of shares) is Rosneftegaz wholly owned by the Government of Russia, while BP owns 19.75% of shares, QH Oil Investments LLC holds 18.93% of shares, one share belongs to the Government represented by Russia's Federal Agency for State Property Management (Rosimushchestvo).

IFRS net profit attributable to Rosneft shareholders for 2019 increased by 29% to RUB 708 billion from RUB 549 billion a year earlier. Sales revenue and equity share in profits of associates and joint ventures went up 5.3% to RUB 8.676 trillion from RUB 8.238 trillion, EBITDA increased by 1.2% to RUB 2.105 trillion from RUB 2.081 trillion.