Rosneft, Chinese CNPC Support Further Talks on Vankor Field

Rosneft and Chinese CNPC support further talks on the Vankor field in the Krasnoyarsk Region on principles of mutual benefit, according to a report by the Russia-China intergovernmental commission on energy cooperation.

The Vankor field is developed by Vankorneft, a Rosneft subsidiary. Its recoverable reserves are estimated at 524 million tons of oil and gas condensate and 106 billion cubic meters of gas. The field was put into industrial operation in August 2009. Oil is transported by the Vankor-Purpe main pipeline, which has a length of 556 kilometers. At peak oil, 25.5 million tons of oil per year will be extracted from the filed deposits.

The framework agreement between Rosneft and CNPC on the China National Oil & Gas Exploration and Development Corporation's purchase of a 10-percent share in Vankorneft was signed in November 2014. In addition, the companies held talks on the CNPC's joining the Taas-Yuryakh Neftegazodobycha project.

It was also reported in early September that Rosneft and the Indian ONGC signed an agreement on the purchase of a 15-percent share in Vankorneft and a shareholders' agreement concerning management.

The transaction price was not officially announced. Bloomberg, citing sources familiar with the situation, reported that the Indian company was prepared to pay $900 million for a share in Vankor.