The Veninsky block with the area of 5.3 thousand sq. km is located on the Sakhalin shelf in the Sea of Okhotsk. The sea depth in the vicinity of the block ranges from 0 to 150 m.
Within the framework of the project, Rosneft (together with China Petroleum and Chemical Corporation (Sinopec)) completed geological exploration of the Veninsky licensed block located on the Sakhalin shelf.
In the course of exploration, North-Veninskoye gas condensate field was discovered. Russian C1 and C2 reserves at the North-Veninskoye gas condensate field are estimated at 35,.4 bcm of gas and 3.2 mln tons of condensate.
Upon discovery of the field, the pioneering Company OOO Veninneft, which is a joint venture with Sinopec, obtained the license for exploration and development of raw hydrocarbons. Further, the geological exploration license expired in 31.12.2013, and was surrendered as open acreage in accordance with the stipulated procedure. The geological survey stage is fully completed.
At present, work is under way to prepare the feasibility study in respect of options for development of the discovered field.