The FINANCIAL — By order of the government of the Russian Federation Oil Company Rosneft has been granted five blocks on the Sea of Okhotsk shelf for geological surveying, exploration and development. The five blocks are Magadan-1, 2 and 3, Lisyansky and Kashevarovsky.
According to Rosneft estimates, total recoverable resources at these deposits stand at over 1.1 billion tonnes of liquid hydrocarbons and 2 trillion cubic metres of gas, including 850 million tonnes of oil and 1.789 trillion cubic metres of gas at the Magadan-1, 2 and 3 blocks.
Rosneft has extensive experience in exploring and developing hydrocarbon deposits onshore on the island of Sakhalin and offshore on the Sea of Okhotsk shelf. This experience spans both the company's own deposits as well as its involvement in joint projects such as Sakhalin-1, 3 and 5 with international partners.