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Rosneft begins drilling first exploration well at Solimoes Project in Brasil

February 16, 10:10 UTC+3

The company expects to perform the drilling and well testing and evaluation in the second quarter of 2017

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© Sergei Bobylev/TASS

MOSCOW, February 16. /TASS/. Rosneft Brasil (100% Rosneft subsidiary) begins drilling of the first exploration well in the Solimoes Basin, according to the company’s statement.

"The company expects to perform the drilling and well testing and evaluation in the Q2 2017," Rosneft said.

Rosneft Brasil is planning to drill at least 4 wells within the upcoming exploration drilling campaign with the scope of obtaining valuable geological information to determine the hydrocarbon resource potential of the Solimoes Basin.

The Solimoes project establishes Rosneft as an operator in Brazil, a country with major upstream growth opportunities both onshore and offshore. Rosneft continues to evaluate oil and gas monetization options for the Solimoes Project.

The Solimoes blocks cover an area of approximately 37 000 sq. km. The project includes 18 license blocks.

In July 2014, Rosneft Brasil and Petrobras signed a Memorandum of Understanding that envisaged the detailed analysis of options for monetization of gas held in the Solimoes basin, creation of a joint Work Group and preparation of a roadmap for progressing the study. The studies have been completed and Rosneft Brasil is working with stakeholders in the Amazon Region to progress the priority monetization options.

In May 2015, Rosneft Brasil and PetroRio (formally HRT Participacoes em Petroleo S.A.) completed the signing of the Rosneft Brasil transaction to acquire PetroRio’s 55% in the Solimoes project. The transaction resulted in Rosneft assuming formal operatorship of the project and holding 100% interest.

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