O&G news round-up (02/09/2010)

The weekend has seen several news stories in the Russian Oil and Gas industry. Among them are news that Rosneft has reported a rise in reserves for 2009, Russia and Venezuela conclude their oil field deal and Novatek are to develop Yamal field.

Rosneft's record reserves

Remaining on top of the world's publicly traded oil companies, Rosneft reported a 2.5 percent rise in reserves last year under Petroleum Resources Management System (PRMS) rules.

Despite Russia's output surge, which saw the country put out more than 10 million barrels per day, Rosneft has recent discoveries such as the Sevastyanovo field, which adds four percent to its reserves. The field is reported to hold 150 million tonnes worth of crude. With such discoveries, it came as no surprise that over the weekend, Rosneft reported a 163 percent reserves replacement ratio for 2009 under PRMS criteria.

Rosneft reported that its reserves now stand at 22.858 billion barrels, a 2.5 percent increase from last years 22.307 billion.

Russia/Venezuela oil deal

Meanwhile, Russia and Venzuela signed an agreement confirming their joint venture to develop the Junin-6 oil field located in the South American country.

Lukoil and Gazprom are expected to invest approximately US$600 million into the field, but this figure is expected to increase over time.

The Junin-6 field is estimated to hold reserves of 53 billion barrels of oil.

Novatek developing Yamal field

Novatek, Russia's largest independent natural gas producer, is to join forces with French oil giant Total to explore and develop the Termokarstovoye gas condensate field in the Yamal-Nenets Autonomous Region, Russia’s Arctic region.

Total is said to hold 49 percent of the production license for the field, which is rumoured to hold estimated reserves of 396.8 million of oil as well as 47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons.

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Lukoil to develop super-sized Iraqi field | Gazprom's Korean supply deal | Russia lines up gas purchases for 2010

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