OREANDA-NEWS. June 27, 2011. Rosneft geologists have discovered a new high-yield oil deposit in the western part of the Sladkovsko-Morozovsky oil and gas region of the Slavyansko-Temryuksky license field in the Krasnodar Region. Recoverable reserves are initially estimated at over 500,000 tons of oil.

The first well in development is Zapadno-Mechetskaya No. 4 at a depth of 3,525 meters. Preliminary results indicate that the deposit has significant potential. Expected well production could be between 220 and 350 tons of oil per day.

Rosneft has stepped up exploration work in the Krasnodar Region in line with management goals set out during the working visit of Rosneft President Eduard Khudainatov to the region in December 2010. The company is also developing a reserve replacement program in the southern regions of Russia in which it operates. The program will include deposits controlled by Krasnodarneftegaz, Stavropolneftegaz and Grozneftegaz, as well as deposits in Dagestan and Ingushetia. The program will run between 2012 and 2020.

One of Russia’s oldest oil and gas provinces is located in the Krasnodar Region, where oil deposits have been developed since the end of the 19th century. The region has been well explored and is considered to have highly depleted deposits (85-87%) making it challenging to discover new deposits in the area.

In 2010 Krasnodarneftegaz extracted 950,000 tons of oil and gas condensate and 2.8 billion cubic meters of gas. Krasnodarneftegaz has proven reserves of 10.13 million tons of oil and 48.528 million cubic meters of gas.