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Rosneft to have new units for gas, shelf projects – Sechin

September 09, 2012, 19:48 UTC+3
Rosneft and the Itera Group set up a joint venture to produce and sell gas under the strategic partnership agreement dated February 28, 2012
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VLADIVOSTOK, September 9 (Itar-Tass) — Rosneft will have new units to supervise gas and shelf projects, Rosneft President Igor Sechin told reporters.

He said the company structure was being optimized. “We have more gas projects now, so we need a new unit to supervise them,” Sechin said. “There are shelf projects, too. That is a separate area.”

“New projects require optimization of the organizational and personnel structure. We will do that and make our company efficient,” he said.

Rosneft and the Itera Group set up a joint venture to produce and sell gas under the strategic partnership agreement dated February 28, 2012. Rosneft gained 51% in the joint venture in exchange for 100% stake in the authorized capital of Kynsko-Chaselskoye Neftegaz.

Aggregate proven and projected reserves of the joint venture stand at 372.4 billion cubic meters of gas and 15.7 million tons of liquid hydrocarbons. The joint venture may produce about 13 billion cubic meters of gas in 2013.

“The unification of gas assets of the two companies within the joint venture will open up new possibilities for monetization of gas and ensure the implementation of the Rosneft strategic program in the gas field,” he said.

The Kynsko-Chalesky licensed field is located in the Yamal-Nenets autonomous district. It combines six blocks – Kynskoye, Fakhirovskoye, Novo-Chaselskoye, Naumovskoye, Ust and Verkhne Chaselskoye.

Itera is one of the biggest producers and sellers of natural gas in Russia.

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