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17.11.2016 15:53

RussNeft announces discovery of new gas reserves in Azerbaijan

RussNeft is planning to put on the balance sheet 15 bcm of gas to its credit in Azerbaijan in 2017, according to the companys materials, which are published due to the year-end IPO of 20% of its shares on the Moscow stock exchange.

As the company said, the drilling in 2015 opened a new deposit with commercial natural gas reserves of about 15 bcm. This deposit will be transferred to the reserves after a deep drilling in 2017.

|As a result of the construction of an appraisal well planned for drilling, the stocks will be put on the balance. According to preliminary estimates, the upper Miocene reserves could reach 15 bcm, points out Russneft.

In 2016, the company reached an agreement with SOCAR on gas sales price of $ 80 per 1,000 cubic meters.

However, the company does not report on what field the gas deposits were discovered.

Turan IA clarified from its sources in the oil circles that we are talking about the layers of Zig and Hovsan located on the farther south part of the Absheron peninsula.

In 2014 RussNeft acquired 100% stake in the company Global Energy Azerbaijan (GEA) Holdings Limited. GEA, through its subsidiaries and joint ventures is involved in the projects engaged in the development and production of oil in Azerbaijan on the basis of production sharing agreements (PSA) signed with SOCAR.

Assets of RussNeft in Azerbaijan include the blocks Absheron (onshore), Binagadi, Karasu, Neftchala and Shirvan. As the company's report for the first half of 2016 says, Russneft has reduced the share in the company Kura Valley Development Company (developing the field Padar) up to 20%.

Reserves of Azerbaijan assets amount to 10 million tons of oil (1P - classification SPE), 11.2 million tons of oil (2P) and 12.5 million tons of oil (3P). The volume of oil production by the end of 2015, taking into account the proportion of RussNeft, amounted to about 535 thousand tons.

* 75% of the share capital of Russneft (67% of ordinary shares) belongs to Belyrian Holdings Limited and its subsidiaries beneficially owned by members of the Gutseriev family. 25% of the share capital (33% of ordinary shares) of the company belongs to the Swiss Glencore and its subsidiaries.

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