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Equinor and Rosneft to go ahead with Russian field development

Dec 29, 2019
2 min read
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Equinor and Rosneft have taken an investment decision on the first stage of the North Komsomolskoye full field development.

North Komsomolskoye is a conventional onshore oil and gas field located in Western Siberia in Russia.

“This is an important milestone in the joint project that we have been working on for seven years,” said Elisabeth Birkeland Kvalheim, Country manager for Equinor in Russia.

The North Komsomolskoye project was a part of the strategic cooperation agreement signed by Rosneft and Equinor in May 2012.

Total recoverable volumes for stage one are estimated at 250 million barrels of oil and 23 bcm of gas.

Since 2018, the partnership has carried out test production in the field to better understand the reservoir properties and lay the ground for the full field development decision.

“During these years we have built a strong working relationship with Rosneft and demonstrated that we can execute efficiently and safely together. This forms a good basis for the next phases of the project,” says Kvalheim.

Equinor holds 33,33 per cent and Rosneft holds 66,67 per cent interest in the joint venture company SevKomNeftegaz that owns the license for the North Komsomolskoye field.