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Rosneft could start LNG production as one of its top priority projects in Brazil

February 16, 14:12 UTC+3 MOSCOW
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MOSCOW, February 16. /TASS/. Rosneft considers production of liquefied natural gas (LNG) as one of priorities of the Solimoes project in Brazil, an official representative of the company told reporters.

"Rosneft has developed a number of scenarios for monetization of gas produced at the Solimoes. We have completed a two-year research project together with Petrobras. According to the results, production of LNG for the needs of electrical energy industry is a priority monetization option. Currently RNB [Rosneft Brasil - TAS] plans to implement these scenarios independently, but is ready to discuss monetization options with Petrobras and third parties," he said.

The company representative added that Rosneft analyzes various options for gas monetization. "So far we are inclined to the traditional methods of processing gas into energy," he added.

Earlier it was reported that Rosneft Brasil (100% Rosneft subsidiary) begins drilling of the first exploration well in the Solimoes Basin. "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.

Brazilian projects 

Rosneft is considering participation in the licensing round bidding for blocks in Brazil, including offshore areas, in 2017, as well as the proposal of Brazilian Petrobras on assets acquisition, a representative of the company said: 

"As a major global oil company, Rosneft always considers potential expansion of its international portfolio. Brazil intends to carry out a license auction that will include offshore blocks in 2017. Also, Petrobras has proposed assets acquisition. RNB [Rosneft Brasil - TASS] will consider potential participation in the round."

According to the source, the company does not plan to integrate its Solimoes project in Brazil with Venezuela-based projects.

"The Solimoes project is still in the exploration phase, whereas in Venezuela we have acting projects. In its essence, drilling is an independent process, that is why it is hardly possible to integrate those two projects. Good results in Brazil will enable us to reconsider the project’s development strategy. In the future, provision of drilling and construction services in the areas where the advantage of multiple assets may facilitate cost and layout optimization, is likely to become the most promising development scenario," he said.

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