Rosneft is to roll back putting the Vankor field on stream from late 08 to mid-09
Rosneft is to roll back putting the Vankor field on stream from late 2008 to mid-2009, the oil major's vice president Mikhail Stavsky said Wednesday. "I would like to emphasize that the delay in the project's commissioning is merely the result of its expansion" – he said. He noted that at the time when Rosneft purchased the field in 2003 its recoverable reserves were estimated at 125 mn t and oil output was expected to peak at 12 mn t. However, in the course of large-scale exploration activities conducted from 2003 to 2008, the Vankor field's oil reserves more than quadrupled to 515 mn t. According to him, the highest threshold for oil extraction was lifted to 23 mn t per year at the new field using the development scheme that was worked out this year, taking into account incremental reserves. In addition, the new scheme calls for boosting associated gas utilization volumes in line with the latest amendments made by regulatory authorities and expectations to gain access to the national oil pipeline system, Stavsky added. At present, the plan is to sell 4.6 bcm of gas per year starting 2012. Gas will be shipped via the Vankor-Khalmerpautinskoye gas pipeline and then using Lukoil's system, he specified. The new scheme also contains more strict requirements for the project's infrastructure at the time of its startup, which requires both expanding the existing and building additional facilities compared with the earlier plans, the vice president said. "It is not possible to more than double the expected cap for oil production in comparison with the initial plans and, while doing so, meet the previous deadline" – Stavsky stressed. He also added that Rosneft intends to reach the Vankor plateau in 2012-2013. By and large, gross estimated oil recovery at the Vankor field was lifted by 72.9 mn t and given faster oil production rates the project's expected payback period will be cut by nearly 12 months, the oil major's vice president emphasized. Apart from this, he said that the plan is to complete construction of a 556-km oil pipeline from Vankor for Purpe next May.