North Caspian Project

To build a strong asset base in the key regions of operation, in 2007, Rosneft acquired a stake in the Caspian Oil Company at an auction held in connection with the Yukos bankruptcy. The Caspian Oil Company holds an exploration license to the North-Caspian licensed block in the Russian part of the Caspian Sea.

Project participation:

• Rosneft — 49.892%
• LUKOIL — 49.892%
• Gazprom — 0.216%

By the end of 2008, 11 prospective structures were identified within the licensed block, the largest being West-Rakushechnaya, Karaiskaya, Ukatnaya, Zhestkaya, and East-Ukatnaya. Total prospective resources of the block are estimated at 1.9 bln barrels of oil and more than 50 bcm of gas.

Construction of a pontoon-type floating rig base was completed as part of the project, as well as the shooting of 63 square km of 3D seismic, and drilling and testing of a prospecting well (West-Rakushechnaya No.1), which discovered the West-Rakushechnoye field.