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Friday, July 17, 2009
Rosneft is in talks with fellow Russian firm Stroytransgaz regarding the possibility of picking up Stroytransgaz’s 50% stake in an Algerian block. “The negotiations are ongoing, and this seems to be an interesting asset for Rosneft. Rosneft thinks likewise,” Vedomosti quoted Stroytransgaz CEO Alexander Ryazanov as saying.
A consortium of Rosneft and Stroytransgaz won a tender in 2001 to develop Block 245 South on production-sharing terms. The partners hold 60% in the project on a parity basis, while the remaining 40% is held by Algeria’s Sonatrach.
Two discoveries have been made on the block, the Eastern and Western Takuazet, in 2003-2004 and a gas condensate field, the Northern Tesselit, was discovered in 2006. Rosneft plans to start production at the fields from 2009-2012.
According to Vedomosti, the reserves have been estimated at 415 million barrels of oil and 24.6 Bcm of natural gas, with proven oil reserves at 36.5 million barrels.
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