Rosneft discovers new deposit of oil in Kara Sea

Rosneft has completed drilling in the world's northernmost Arctic well, Universitetskaya-1, as a result of which it found oil on the Vostochno-Prinovozemelsky-1 licensed block in the Kara Sea, the Russian oil company said in a press release.

Rosneft has completed drilling in the world's northernmost Arctic well, Universitetskaya-1, as a result of which it found oil on the Vostochno-Prinovozemelsky-1 licensed block in the Kara Sea, the Russian oil company said in a press release.

Rosneft's partner in this project is U.S. company Exxon.

The drilling took a month and a half and was conducted in accordance with all technological and environmental requirements, Rosneft said.

The sea depth at the drilling point is 81 meters; the depth of the vertical well is 2,113 meters. The well was drilled offshore, on the 74th parallel, 250 kilometers off the mainland Russia.

The exploration drilling resulted in obtaining samples of rock, drilling of a pilot hole (with a 8.5 inch diameter at a depth of 600 meters) and taking of a horizontal core sample.

"A significant amount of fundamentally new geological information has been obtained, which, after being processed, will allow making a final estimate of the resource base at the discovered deposit. At present, we are conducting interpretation of the geological data and developing a model for oilfield development. Five casing pipes were run down the well to ensure further drilling is safe and accident-free," the company said.

At a ceremony marking the completion of the drill Rosneft chief Igor Sechin said: "I can inform you about the discovery of the first oil and gas condensate deposit in the new Kara Sea province. The first crude oil has been obtained. Even by the initial analysis results this fine light oil is comparable to the Siberian Light crude oil grade."

"The preliminary estimate of the resource base in this first discovered trap alone is 338 billion cubic meters of gas per year and over 100 million tonnes of oil, and that is just one of structures in this deposit. This is a unique result for a first exploration drilling on a shelf in an absolutely new deposit. This is our common victory which was achieved together with our friends and partners from ExxonMobil, Nord Atlantic Drilling, specialists from Schlumberger, Halliburton, Weatherford, Baker, Trendsetter, FMC. And we want to name this deposit Pobeda (Victory)," he said.

The geological exploration was preceded by a series of environmental studies: weather, the condition and movement of glaciers, and fauna specifics. Rosneft has been conducting this research in the Kara, Laptev and Chukotka Seas for several years now. All data is taken into account for planning exploration, designing future platforms and deciding the logistic support of the shelf projects, Rosneft said.

Read more: Rosneft asks for state financial assistance for tight gas extraction>>>

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