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Investment Decision on the North Komsomolskoye Project

Source: www.gulfoilandgas.com 12/23/2019, Location: Asia

Equinor and Rosneft have taken an investment decision on the first stage of the North Komsomolskoye full field development.

“This is an important milestone in the joint project that we have been working on for seven years,” says 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.

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.

North Komsomolskoye is a conventional onshore oil and gas field located in Western Siberia in Russia. Equinor holds 33,33% and Rosneft holds 66,67% interest in the joint venture company SevKomNeftegaz that owns the license for the North Komsomolskoye field.

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

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