China gets access to Siberian oilfields
Print Edition
Russia’s top oil producer Rosneft signed a memorandum yesterday giving China its first direct access to energy-rich East Siberian fields.
The preliminary agreement with China National Petroleum Corp aims to help Rosneft meet the terms of a US$270 billion deal signed in June that doubles Russia’s oil exports to China over 25 years.
It also underscores the accelerating shift of Russia — the world’s biggest combined producer of oil and natural gas — from its traditional markets in Europe to regions in Asia with exploding consumption and energy needs.
“It is logical for Rosneft to be expanding in the direction where there is growth,” said VTB Capital energy analyst Alexander Kirevnin.
Analysts believe Rosneft, the world’s largest listed oil firm by output, needs to make huge investments in its untapped East Siberian deposits to meet Chinese demand.
The agreement announced by Rosneft yesterday will give the Russian firm a 51 percent stake and CNPC a 49 percent holding in a joint venture for upstream developments.
The venture will begin by expanding production at the Srednebotuobinsk field that Rosneft acquired fully on Monday and which sits close to the ESPO pipeline running across Eastern Siberia to China.
“The memorandum is another step in developing the strategic partnership between Rosneft and CNPC in various areas of cooperation,” Rosneft Chief Executive Igor Sechin said.
“Our balanced strategic position will enable us to jointly develop and produce hydrocarbons, execute long-term supplies, jointly construct refining capacity and manage various assets,” said Sechin.
The deal signed in June in the presence of Russian President Vladimir Putin and Chinese Vice Premier Zhang Gaoli saw Rosneft receive a US$70 billion upfront payment from CNPC for its promise to raise exports by 300,000 barrels per day.
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