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Rosneft praises cooperation with Chinese Sinopec in Udmurtneft JV

Udmurtneft is developing 34 fields in Russia’s Udmurtia

MOSCOW, November 29. /TASS/. Udmurtneft, the joint venture (JV) between Rosneft and Chinese corporation Sinopec, has become a successful example of cooperation between Russia and China, Rosneft said in a statement.

"Over 16 years of efficient operation of the joint venture, more than 100 mln metric tons of oil have been produced and more than 1,500 new wells have been drilled, while the volume of development drilling has grown 7.6-fold. The total increase in recoverable reserves has exceeded 115 mln metric tons of oil," the statement said. Rosneft added that the general accumulated production of Udmurtneft exceeded 325 mln metric tons of oil. "The enterprise is an example of successful international cooperation between Russia and China in oil production," the company said.

Udmurtneft is developing 34 fields in Russia’s Udmurtia. The mining fund has more than 3,800 wells, which is 144 wells more than at the beginning of the year.