Rosneft president Sergey Bogdanchikov contends that the development of the West Kamchatka shelf in the Sea of Okhotsk will be on the scale of the Sakhalin-1 and Sakhalin-2 projects, with the likelihood of surpassing both. Rosneft is developing the promising sites with the Korean National Oil Corp. (KNOC). Estimates put the potential resources of the entire West Kamchatka shelf at 3.8 billion tons of hydrocarbons. Recoverable reserves at the license sites could be 800 million tons. According to Bogdanchikov, development requires approximately $24 billion. Drilling of the first exploration wells will take place in 2008.
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Monday, November 19, 2007
West Kamchatka Emerging as Next Major Offshore Project
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