PetroNeft’subsidiary, Stimul-T has signed a protocol of intent which defines the details of an infrastructure sharing agreement with OAO ANK Bashneft, the operator of two Licences with producing fields in the Khanty-Mansiysk Oblast located immediately northwest of PetroNeft’s Licence 61.
This agreement will enable PetroNeft to tie-in to the Bashneft pipeline at the Lukpaiskaya pumping station under a simplified custody transfer scheme. The Lukpaiskaya pumping station is located only 60 km from the Lineynoye and West Lineynoye Oil Fields. The new route is over flat terrain and no longer requires a major river crossing. Bashneft will then transport the crude to the Aleksandrovskoye (Strezhevoi) custody transfer station where it will enter the Transneft pipeline for export outside of Russia or for domestic sales.
This agreement will enable PetroNeft to tie-in to the Bashneft pipeline at the Lukpaiskaya pumping station under a simplified custody transfer scheme. The Lukpaiskaya pumping station is located only 60 km from the Lineynoye and West Lineynoye Oil Fields. The new route is over flat terrain and no longer requires a major river crossing. Bashneft will then transport the crude to the Aleksandrovskoye (Strezhevoi) custody transfer station where it will enter the Transneft pipeline for export outside of Russia or for domestic sales.
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The tariff for this operation will be calculated based on actual costs in proportion to the transferred amount, but will not exceed the Transneft tariff for a similar pipeline segment. The two companies will now determine the technical aspects of the tie-in arrangements.
This infrastructure sharing agreement is a significant development for the economic commercialisation of Licence 61. When compared to the option of the Company building a 156 km pipeline to the Raskino pumping station to the southwest, it will result in significantly reduced pipeline capital expenditures and long term operating expenditures. It is also expected to facilitate commencing full scale production from Licence 61 in 2009.
An important outcome of the Bashneft agreement is that Licence 61 can now be developed in phases from the north. The initial phase will consist of the development of the Lineynoye and West Lineynoye fields along with a 60 km pipeline to Bashneft and a simplified custody transfer point. New fields discovered to the south, including Tungolskoye, will then be developed incrementally in order to optimise the overall economics for the Company.
This infrastructure sharing agreement is a significant development for the economic commercialisation of Licence 61. When compared to the option of the Company building a 156 km pipeline to the Raskino pumping station to the southwest, it will result in significantly reduced pipeline capital expenditures and long term operating expenditures. It is also expected to facilitate commencing full scale production from Licence 61 in 2009.
An important outcome of the Bashneft agreement is that Licence 61 can now be developed in phases from the north. The initial phase will consist of the development of the Lineynoye and West Lineynoye fields along with a 60 km pipeline to Bashneft and a simplified custody transfer point. New fields discovered to the south, including Tungolskoye, will then be developed incrementally in order to optimise the overall economics for the Company.
Via: Scandinavian Oil
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