Rosneft to spend $30 bln on Russian offshore field development

Russia's largest oil company Rosneft plans to invest around $30 billion on the development of Russian offshore deposits, a top company official said on Friday.

"The development of Russian shelf is a strategic goal of Rosneft. The company has full potential to realize this project. We have years of experience at northern latitudes, and of cooperation with major global operators working on the shelf," Mars Khasanov, Rosneft science director, told the 12th Annual Sakhalin Oil & Gas Conference in Yuzhno-Sakhalinsk, in Russia's Far East.

He also said Rosneft has set out a program for Russia's continental shelf through 2030, envisaging the drilling of 75 exploratory wells.

Rosneft is Russia's largest oil company. Its US GAAP net profit for the first half of 2008 was $6.876 billion, a year-on-year increase of 187%.

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