According to newspaper Vedomosti, the Russian company has got the first $20 billion from CNPC, the Chinese state oil company. The sum reportedly amounts to 30 percent of the total advance payments for the long-term contracts concluded with the Chinese buyer.
“These money will be saved for strategic projects”, Sechin told journalists. A key part of Rosneft’s strategic projects are shelf development projects.
The Russian state company has over the last couple of years rapidly expanded its offshore portfolio and now has a total of 46 licenses with accumulated reserves amounting to 42 billion cubic meters of oil equivalents in Russian waters. The Arctic offshore resources amount to 34,6 billion cubic meters of oil equivalents.
As previously reported, Rosneft will together with partner ExxonMobil in 2014 drill the first well in the Kara Sea, at the Akademicheskoye structure.
The shelf projects are leading to a major boost in the company’s investment program. By 2020, the company will invest up to 9,5 trillion rubles, a company representative told Vedomosti. In 2013, the company invested 593 billion rubles and this will be increased to 700 billion in 2014.
With the expanding activities comes also surging debts. Rosneft now reportedly has a total debts of 2,4 trillion rubles.
