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Rosneft buys huge oilfield in Russian Arctic

Rosneft buys huge oilfield in Russian Arctic

Russia’s Rosneft said on Monday it had bought the rights to a huge oilfield in the Taymyr peninsula in the Arctic, as it presses ahead with plans to use the Northern Sea Route to ship oil and products.

In a regulatory disclosure, Rosneft said it had bought Taymyrneftegaz, the company controlled by Rosneft’s ex-chief Eduard Khudainatov which owns of the huge Payakha oilfield, for an undisclosed sum.

It declined to comment further.

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The potential deal was first reported by daily newspaper Kommersant earlier this month. The daily, citing a source, reported that the Payakha oilfield could be valued at around $5 billion, given its huge reserves.

The daily said field’s reserves were estimated at more than 1 billion tonnes of oil, or 7.33 billion barrels. The field is now at the exploration stage, with no large-scale production.

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Published at Mon, 28 Dec 2020 15:12:22 +0000

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Written by Riel Roussopoulos

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