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Equinor, Rosneft reach investment decision to develop Russian project

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Equinor, Rosneft reach investment decision to develop Russian project

Equinor ASA and Rosneft Oil Co. PJSC reached an investment decision to start the first stage of the full-field development of their north Komsomolskoye project in western Siberia.

Equinor estimated the total recoverable volumes for the first stage of the project at 250 million barrels of oil and 23 billion cubic meters of gas, according to a Dec. 23 news release. The companies have been conducting test production in the field since 2018.

Equinor and Rosneft hold 33.33% and 66.67% interests, respectively, in the joint venture company SevKomNeftegaz, which owns the license for the north Komsomolskoye onshore oil and gas field. The project is part of the companies' strategic cooperation agreement signed in May 2012, according to the release.

Equinor explores for and markets petroleum and petroleum-derived products. Rosneft explores for, develops, produces and sells crude oil and gas.