West-Chernomorsky Block

In 2007, Rosneft won an auction of certain former Yukos assets, including a 100% stake in the Val Shatskogo project (West-Chernomorsky licensed block) on the Black Sea shelf. The acquisition was in line with the Company’s strategy aimed at extending asset portfolio in the priority regions of operation. The West-Chernomorsky block borders Rosneft’s Tuapse block.

The licensed block comprises about 10 prospective structures, the North-Chernomorskaya, Maria and Sklonovaya being the largest with combined prospective resources estimated at more than 3.6 bln barrels of crude oil. Total prospective resources of the block are estimated at about 4.6 bln barrels of crude oil.

The Company carried out 1,250 square km of 3D seismic and 450 linear km of 2D seismic at the block in 2008. Analysis of 4,394 linear km of 2D seismic from previous years, processing and interpreting the new data as well as choosing well locations were completed.