North Komsomolskoye project : Equinor, Rosneft sanction stage 1 of Russian oil and gas field development

Equinor and Rosneft have sanctioned the first stage of the North Komsomolskoye project, which involves the development of the conventional onshore oil and gas field in Western Siberia in Russia.

The first stage of the Russian oil and gas project will see the partner aim to unlock a total estimated recoverable volumes of 250 million barrels of oil as well as 23 bcm of gas.

The North Komsomolskoye project was a part of the strategic cooperation pact signed in May 2012 by Equinor and Rosneft.

A joint venture company called SevKomNeftegaz holds the license for the North Komsomolskoye field. Equinor has 33.33% stake in SevKomNeftegaz, while Rosneft owns the remaining 66.67% stake.

North Komsomolskoye project in Siberia, Russia. Photo courtesy of Equinor ASA.

Elisabeth Birkeland Kvalheim – Country manager for Equinor in Russia said: “This is an important milestone in the joint project that we have been working on for seven years.

Last year, the partnership initiated test production in the North Komsomolskoye field for a better understanding of the reservoir properties and for doing the groundwork before taking the full field development decision.

Elisabeth Birkeland Kvalheim said: “During these years we have built a strong working relationship with Rosneft and demonstrated that we can execute efficiently and safely together. This forms a good basis for the next phases of the project.”