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'Siberia is indeed a land of superlatives: bigger than Europe and the US combined, with the biggest gas reserves in the world'

Rosneft invests $2.8 billion in three Siberian oil fields to supply Asia

By The Siberian Times reporter
21 November 2013

The world's largest listed oil company to honour its export deals.

Rosneft's East Siberian Vankor field, pumping an average 435,000 bpd in October. Picture: Rosneft

The investment will be in the Suzun, Tagul and Lodochnoye fields, reported Reuters. The move will give 'a long perspective' to oil supplies via the East Siberia-Pacific Ocean (ESPO) oil pipeline.

The company is scheduled to supply China with 1 million barrels per day (bpd) in the coming years, a tripling of oil exports. Last month there were reports that Rosneft is delaying peak output at the East Siberian Vankor field, also a key supplier pumping an average 435,000 bpd in October.

The three fields were acquired in this year's $55 billion takeover of TNK-BP.

Reuters said the new field will boost Rosneft annual oil production growth to 3-4 percent after 2017.

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