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Main page West-Chernomorsky and South-Chernomorsky Blocks
West-Chernomorsky and South-Chernomorsky Blocks

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.

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.

Work continued in 2009 as part of the West-Chernomorsky project to prepare for drilling of prospecting wells. These areas have huge resource potential, but their exploration requires major Investorsments due to the considerable sea depths. Rosneft may seek partners to assist in implementation of these projects.

On June 17, 2010 Rosneft and Chevron Corporation signed mutual agreements outlining key principles of future joint exploration activity planned for Rosneft’s Shatsky Ridge off-shore license in the Black Sea. Pursuant to the agreements, Rosneft and Chevron intend to establish an operating company in Russia. Chevron will finance initial exploration activities, including seismic surveys and exploration drilling.

A total of 2,069 square km of 3D seismic work was carried out at the West-Chernomorsky area in 2010, and engineering and geological studies were completed at the zone where the first well (№1-Maria) is to be drilled.

Rosneft acquired a mineral license for the 7,000 square km South-Chernomorsky area at the end of 2010. The license is valid until 2040. Resources at the South-Chernomorsky area are estimated at 296 mln tonnes (2.2 bln barrels) of oil equivalent.