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China Oilfield Services Limited awarded contract to drill for the Rosneft and Statoil Project in the Okhotsk Sea

02nd September 2015

Magadanmorneftegaz, Lisyanskmorneftegaz (joint ventures of Rosneft and Statoil) and China Oilfield Services Limited (COSL) have signed a contract to drill two exploration wells in 2016. The wells will be drilled in the Magadan-1 and Lisyansky areas of the Okhotsk Sea.

Okhotsk Sea
COSL will be drilling for Rosneft and Statoil in the Okhotsk Sea

COSL offered its semi-submersible drilling rig Nanhai-9 and won the tender based on a combined score of technical and economic parameters. The rig was positively evaluated by an audit for compliance with Russian and international requirements.

Participation of partners from Asia Pacific in the offshore operations is in line with Rosneft's development strategy for most efficient exploration and production of hydrocarbons. The use of СOSL rig will facilitate optimized logistics for the project and continue the Company's cooperation with the actively developing Chinese drilling market.

Commenting on the signed document, Igor Sechin, Rosneft Chairman of the Management Board, said: "The agreements reached open up new prospects for further cooperation between leaders of the oil and gas industry in Russia, Norway and China in the exploration of oil and gas resources."

Rosneft and Statoil ASA signed a Cooperation Agreement in 2012 to jointly explore areas of the Russian shelf and for Rosneft to join in the exploration of the Norwegian shelf. Under this agreement, the companies set up joint ventures, completed a series of exploration operations, including 2D and 3D seismic and geotechnical surveys.

In March 2015, Norwegian authorities gave Statoil the go-ahead to conduct joint projects with after determining they are in compliance with Western sanctions against Russia, which targeted Rosneft in 2014. Exploration in the Okhotsk Sea will reportedly be limited to acreage that is not subject to the sanctions.

The Magadan-1 well will be at 100 km offshore, and the Lisyansky well will be about 90 km offshore. The Sea of Okhotsk is located south of the arctic circle and both wells are located in areas with water depths of less than 150 meters.

 

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