Rosneft and Statoil completed drilling as part of Pilot Project at PK1 layer of the North-Komsomolskoye field

MOSCOW, 17-7-2015 — /EuropaWire/ — Rosneft and Statoil ASA completed drilling works as part of the Pilot Project at the PK1 layer of the North-Komsomolskoye field. During 2015 the companies jointly drilled 2 horizontal exploitation wells.

Using best global practices Rosneft and Statoil ASA implemented extended logging, including core and fluid samplings. Also, for the first time onshore in Russia, a well was completed using “openhole gravel packing” in a horizontal section of 1,000 m.

Rosneft and Statoil plan to hold wells testing and determine further prospects and methods of PK1 layer development based on the testing results.

Implementation of the Project may allow effective development of about 600 mln tons of geological oil in place at the North-Komsomolskoye field in the short term.

Commenting on the drilling completion, Igor Sechin said: “Creation of partnerships for technologically complex projects’ development is one of the strategic dimensions of the Company’s evolvement. The pilot drilling at the North-Komsomolskoye field opens a new stage of the joint work of Rosneft and Statoil. The companies are working actively and continue developing the long-term cooperation.”

Notes for editors:

North-Komsomolskoye oil and gas condensate field is located in Purovsky and Nadymsky regions of Yamalo-Nenets Autonomous District. It has complex geology associated with an oil rim of highly viscous oil, as well as an extensive gas cap.

On May 23, 2013, Rosneft and Statoil ASA signed the North-Komsomolskoye Cooperation Agreement related to difficult-to-extract resources of hydrocarbons.

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These materials contain statements about future events and expectations that are forward-looking. Any statement in these materials which is not information for prior accounting periods is an expectation and related to known and unknown risks, uncertainties or other factors, which can make the actual results, performance or achievements differ substantially from those anticipated and implied in these forward-looking statements directly or indirectly. We assume no obligation to update the data contained herein, to reflect actual results, changes in assumptions or factors affecting these statements.

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Rosneft and Statoil completed drilling as part of Pilot Project at PK1 layer of the North-Komsomolskoye field