Pertamina to buy stake in Rosneft’s Chayvo field

Pertamina to buy stake in Rosneft's Chayvo field

Russian and Indonesian oil companies Rosneft and Pertamina have signed an agreement for cooperation in offshore fields development.

Under the signed memorandum of understanding, Pertamina will take a stake in the Northern Tip of the Chayvo field, off the coast of Sakhalin, in the Russian Far East.

Pertamina has agreed, in principle, to acquire a 20 percent stake in the project. The companies plan to agree legally binding documents for the transaction. No date has been provided for the expected completion of the acquisition.

Rosneft shipped first oil from the Northern Tip of the Chayvo field back in November 2014. At the time, Rosneft said the field’s oil and condensate reserves stood at over 15 million tonnes, and gas at close to 13 billion cubic meters. In May 2015, Rosneft said the field had produced one-millionth ton of crude oil.

Commenting on the Pertamina agreement, Rosneft said in a statement: “The participation of Pertamina in a production project in the territory of the Russian Federation will strengthen long-term relations between the Russian Federation and Indonesia, and will become a basis for the future implementation of joint projects between the companies in Russia.”

Additionally, Pertamina agreed, subject to legally binding documents to be signed in the near term, to acquire up to a 37.5% in Rosneft’s Ruskoyye onshore field. No commercial details have been revealed.

Offshore Energy Today Staff

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