OREANDA-NEWS. Rosneft and Skyland Petroleum Group (SPG) signed Heads of Agreement regarding potential joint venture based on “Taas-Yuryakh Neftegazodobycha” at the St.Petersburg International Economic Forum.

The agreement provides for Rosneft’s sale of up to 29 per cent share of Taas-Yuryakh Neftegazodobycha to Skyland Petroleum Group and creating joint venture for development of Srednebotuobinskoye oil and gas condensate field.

Development of Srednebotuobinskoye field – one of the largest fields in Eastern Siberia - will allow to create infrastructure for further exploration and production in the region.

Skyland Petroleum Group has extensive experience in the regions of former Soviet Union, South Asia and the Middle East. The Company's financial partners based in East Asia provide a stable foundation in order for the team to successfully explore and produce properties globally.

Rosneft also signed final binding agreements for sale of a 20 per cent share of Taas-Yuryakh Neftegazodobycha (Taas) to BP at the St.Petersburg International Economic Forum.

In November 2014, Taas-Yuryakh Neftegazodobycha produced its one millionth ton of oil after the Srednebotuobinskoye oil and gas condensate field was commissioned in October 2013, owing this result to efficient geological and technical measures, and the construction of wells and infrastructure, including oil and gas containment and treatment units and a delivery/acceptance station.

Also the company constructed a 169 km-long pipeline to the Eastern Siberia-Pacific Ocean oil pipeline system. Today there are as many as 51 producing wells, which deliver about 2.4 thousand tons of crude every day.

Taas-Yuryakh Neftegazodobycha, a Rosneft subsidiary, operates the Srednebotuobinskoye oil and gas condensate field, which is located in the Sakha Republic, Yakutia. The field’s reserves under Taas-Yuryakh Neftegazodobycha’s С1+С2 licensed areas total 133 mln tons of liquid hydrocarbons and 137 bcm of gas.