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Geological holding Rosgeo to explore Bazhenov formation for Gazprom Neft shortly

October 25, 20:19 UTC+3 MOSCOW

Rosgeo can act as a service contractor and as a co-investor in such projects, according to its CEO

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MOSCOW, October 25. /TASS/. Rosgeo is evaluating financial risks and technology solution for implementation of the Bazhenov formation exploration project for Gazprom Neft, Chief Executive Officer of the geological holding Roman Panov told reporters on Wednesday.

"We signed an agreement with them [Gazprom Neft - TASS], which provides in particular for participation in Bazhenov formation projects. It is at the implementation stage; we are evaluating financial aspects, risks, and technology solutions, Panov said.

Rosgeo can act as a service contractor and as a co-investor in such projects, he added.

"Prospects are fairly high, according to our estimates. Capitalization of assets of such kind can be interesting. Therefore internal financing can be used and the project financing principle can be employed there," Panov said.

"Development will start shortly," press service of Rosgeo told TASS.

Bazhenov formation is a group of host rocks discovered in the territory of about one million square km in West Siberia. Hydrocarbon resources in the formation are hard-to-recover ones.

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