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Tenth of Rosneft’s offshore resources to yield $2.5 trillion

March 19, 2014, 17:01 UTC+3 TOKYO
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TOKYO, March 19. /ITAR-TASS/. One tenth of Rosneft’s offshore resources is estimated at $2.5 trillion, company's president, Igor Sechin said in a report.

According to the presentation, Rosneft’s offshore prospective resources reach 24.2 billion tonnes of oil and 23.8 trillion cubic meters of gas.

“Mining of a tenth of these resources means yielding about $2.5 trillion, if estimated under the current prices. This will require no less than $400 billion of investments,” Sechin told the sixth Russian-Japanese Investment Forum that opened in Tokyo on Wednesday. This, he added, would surely necessitate “joint efforts and qualified partners”.

The potential of further expansion of Russian-Japanese energy cooperation was huge and reached dozens and hundreds of billions of dollars in Rosneft’s case alone, Sechin told the forum’s opening; Japan can count on a considerable increase of hydrocarbon and electricity supplies.

“In order to provide energy security of Japan and the entire Asia-Pacific region in the future Rosneft is ready to offer a wide range of opportunities to satisfy oil and gas needs,” he added.

Russia was interested not only in cooperation with certain partners but also joint work along the entire production line — production, infrastructure, processing, and transportation of resources.

“Asset swap as well as a clearer contract system is crucially important to achieve a long-term economic effect. This will help avoid any political and contract risks,” Sechin said.

Rosneft’s president highly evaluated the work of the Japanese partners.

“Some of them are working in Iraq with a 7% breakeven level. The inflation level as it is, they are making truly heroic efforts,” said Sechin. Russia’s breakeven level “considerably exceeds these figures”, Sechin said and invited Japanese partners to partake in petrochemical and ship-building projects in Russia’s Far East.

The forum in Tokyo has gathered more than 700 government officials and businessmen from Russia and Japan. Improving Russia's investment climate and investment cooperation between the two countries are on the agenda.

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