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

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21 November 2013


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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