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Rosneft discovers hydrocarbon deposits on Eastern Arctic shelf

18 June

Rosneft is performing the drilling of the northernmost exploratory well on the Eastern Arctic shelf following a comprehensive geological study. During the drilling of the Tsentralno-Olginskaya-1 well from the shore of the Khara-Tumus Peninsula on the shelf of the Khatanga Bay of the Laptev Sea, three core samples were taken from depths of 2305 to 2363 m, which showed high oil saturation dominated with light oily fractions. On the basis of primary studies already, it can be concluded that a new oil field has been discovered, the volume of the resource potential of which is increasing as the drilling continues. Core sampling continues at the moment.

Hydrocarbon saturation of the core samples proves the geological model developed by Rosneft experts. The obtained result of the drilling at the Khatanga licenced area allows Rosneft to be considered a pioneer of deposit discoveries on the Eastern Arctic shelf.

The Company was awarded the licence for Khatanga development in November 2015. Gathering and set-up of drilling equipment were carried out in the shortest time possible owing to harsh weather conditions. On April 3, at the Russian president Vladimir Putin's command Rosneft embarked on drilling of the Tsentralno-Olginskaya-1 well. The significance of Rosneft project was emphasised by the Russian president during a video conference on the drilling start. «In fact, work on the whole petroleum province has been started, which, even according to preliminary data, contains millions of tons of oil equivalent. Horizontal drilling is a complex and high-tech operation. This is just the first well. There is much more work ahead. I would like to wish you good luck and I hope for this undertaking’s success» - the President of Russia said.

In April Rosneft Head reported to Vladimir Putin that the preparation for drilling had been completed in record-breaking time. «With your support, we gained the right to work on the Khatanga block just over a year ago.»

Notes for Editors:

Tsentralno-Olginskaya-1 is the first well that will be drilled under the offshore area of the Laptev Sea.

The Khatanga licence area is located in the Khatanga bay, the Laptev Sea in the North of the Krasnoyarsk Region. Area acreage is 17,217.5 km2; sea depth reaches 32 m.

Currently, Rosneft owns 28 licence areas on the Arctic shelf with the total resources of 34 btoe.

Since 2014 the Company has completed outstanding geoexploratory works in the Laptev sea - 21 linear km of seismic studies that revealed the existence of 114 promising oil and gas-bearing structures. Preliminary estimates suggest that the Laptev Sea’s total potential geological resources could come to 9.5 btoe.

According to expert estimates, the Arctic shelf will account for 20% to 30% of Russia's total oil production by 2050.

Starting from 2012 Rosneft investments in Arctic shelf development have amounted to about 100 billion roubles. The Company is not intended to slow down the pace of works, and in the period from 2017 to 2021 investment volumes are to grow two and a half times up to 250 billion roubles.

In 2016, Rosneft preformed an impressive volume of the integrated subsurface studies in complex Arctic and sub-Arctic environments. More than 35,500 linear km of 2D seismic were carried out which exceeded the requirements of the licence obligations more than twice. Also, the Company performed over 5,000 km2 of 3D seismic studies which is almost 2.5 times higher than the license obligations. The volumes of aerogeophysical surveys totaled in 207,000 km2. As a result, an area of over 0.8 million km2 at the Russian shelf was explored.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
June 18, 2017

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.