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2008 December 9   10:02

Gazprom Neft could seek foreign partner for Prirazlomnoye project

Gazprom Neft (RTS: SIBN) is thinking of seeking  a  foreign partner to develop the offshore Prirazlomnoye field, Boris Zilbermints, the Russian oil company's deputy general director for

exploration and production, said at an oil and gas congress in Moscow according to Interfax .

"Gazprom  (RTS:  GAZP) is currently financing the construction of a platform  at  the field, and work is due to be rounded off in 2010-2011.

After that  the  issue  of  Gazprom  Neft  developing  the field will be discussed,  and  then we will be able to think about involving a foreign partner in the project," Zilbermints said.

Prirazlomnoye  is  one of the oil fields that Gazprom, Russia's gas monopoly, plans to transfer to its oil producing subsidiary.

An   earlier   report  said  Gazprom  Neft  did  not  consider  the Prirazlomnoye resources large enough to be developed profitably.

Geological  resources  are  257  million tonnes oil and recoverable reserves - 72 million tonnes.

Funding  for the Prirazlomnoye project was opened back in 1994. The field was  originally  due  to  go into production in 2004, but this has been put back repeatedly. The field should  produce 6.6 million tonnes of oil per year over a period of 25 years.

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