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Main page North Caspian Project
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%

10 prospective structures were identified within North-Caspian 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 (0.26 bln tonnes) of oil and more than 55 bcm of gas.

In 2008, 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.

In 2009, 3D seismic survey was carried out on 43 square km in the North-Caspian area (the license is held by the Caspian Oil Company) within the borders of the West-Rakushechnoye field in order to ascertain the geological structure of the field and the best approach for its development. A prospecting and assessment well is to be drilled in 2010 at the Ukatnaya structure in the central part of the North-Caspian area.

Construction of well Ukatnaya-1 was completed at the North-Caspian area in 2010. The well found only insignificant oil & gas strata and was closed down without testing. Studies were begun to determine further directions for geological study work.