Rosneft and Sevmorneftegeofizika sign agreement to explore Tuapse Trough

Rosneft CEO Eduard Khudaynatov and Sevmorneftegeofizika CEO Konstantin Dolgunov in a ceremony attended by the Russian Prime Minister Vladimir Putin signed an agreement to conduct seismic exploration in the Black Sea. The document providing for 3D seismic exploration of the Tuapse license block to be carried out by Sevmorneftegeofizika was signed as part of the Sochi Investment Forum. The work will be conducted using the state-of-the-art Vyacheslav Tikhonov research vessel. Built in August 2011, it is fitted with the latest seismic exploration equipment and has a number of unique features, including high ice class and low-temperature operating capabilities. It is expected that the vessel will start collecting geophysical data as early as September 2011.

The assignment is part of the strategic alliance between Rosneft and ExxonMobil. The two parties have agreed to jointly explore and develop deposits in the Arctic and other parts of the Russian shelf, including Tuapse Trough. ExxonMobil is due to receive 33.3% in the joint venture set up to explore hydrocarbon deposits in the Tuapse license block, with Russia's leading oil company holding 66.7%. Rosneft and ExxonMobil are planning to invest about 3.2 billion USD in exploration in the Kara Sea and the Black Sea. Open Joint-Stock Company Sevmorneftegeofizika is Russia's largest marine geophysical contractor, offering a most diverse range of geophysical services around the world, including 2D/3D marine seismic acquisition, navigation positioning, processing and integrated interpretation of seismic data. Sevmorneftegeofizika has won a tender to conduct marine seismic exploration in 2011-2012 in the Tuapse Trough license block in the Black Sea in alliance with Sovcomflot.  

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September 16, 2011