Rosneft begins supplying oil from Northern Tip of Chayvo

Rosneft (MOEX: ROSN) has begun shipping crude oil extracted from the North Chayvo license territory off the coast of Sakhalin, the company said in a press release.

Rosneft has begun shipping crude oil extracted from the North Chayvo license territory off the coast of Sakhalin, the company said in a press release.

The first tanker loaded with Sokol-grade crude will leave port on November 21.

The tanker was loaded at the Sokol single-point oil terminal located 5.7 km east of DeKastri Terminal, Khabarovsk territory, Rosneft said.

DeKastri is the first terminal in Russia to ship crude oil year round amid the harsh environment of the Arctic. Another export batch is scheduled to ship before the year's end. A fleet of purpose-built oil tankers will carry the hydrocarbons, each 100,000 tonnes in deadweight, escorted by icebreakers. The tankers are reinforced ice class, double hull type to safely transport the cargo even in heavy ice conditions.

The Northern Tip of Chayvo license lies on the shallow Northeastern Sakhalin shelf. Its oil and condensate reserves stand at over 15 million tonnes, and gas at close to 13 billion cubic meters.

Rosneft launched a large-scale project to drill the first development well in the North Chayvo license in May 2014; the license was put on production in September of this year. Field development model involves the use of innovative drilling technology. The drilling was done using the Yastreb rig.

In the longer term, North Chayvo will deliver annual plateau production of around 1.5 million tonnes of crude oil. The field's gas will be the resource base for the proposed Far Eastern LNG Plant.

All rights reserved by Rossiyskaya Gazeta.

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