Equinor and Rosneft have taken an investment decision on the first stage of the North Komsomolskoye full field development.

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

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

Since 2018, the partnership has carried out test production in the field to better understand the reservoir properties and lay the ground for the full field development decision.

“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,” says Kvalheim.

North Komsomolskoye is a conventional onshore oil and gas field located in Western Siberia in Russia.

Equinor holds 33,33% and Rosneft holds 66,67% interest in the joint venture company SevKomNeftegaz that owns the license for the North Komsomolskoye field.

Total recoverable volumes for stage one are estimated at 250 million barrels of oil and 23 bcm of gas.

About Equinor

Equinor, is an international energy company with a proud history. Formerly Statoil, we are 20,000 committed colleagues developing oil, gas, wind and solar energy in more than 30 countries worldwide. We’re the largest operator in Norway, among the world’s largest offshore operators, and a growing force in renewables. Driven by our Nordic urge to explore beyond the horizon, and our dedication to safety, equality and sustainability, we’re building a global business on our values and the energy needs of the future.

About Rosneft

Rosneft is the leader of Russia’s petroleum industry and the world’s largest publicly traded petroleum company. Company’s main activities include prospecting and exploration of hydrocarbon deposits, oil, gas and gas-condensate production, upstream offshore projects, processing, as well as oil, gas, and product marketing in Russia and abroad. The Company is included in the list of strategic companies and organizations of Russia. Company’s largest shareholder (69.50% of the equity) is ROSNEFTEGAZ OJSC, fully owned by the Russian Government, while BP holds 19.75% of shares, one share belongs to the state represented by Federal Agency for State Property Management, whereas the remaining shares are free floating.