RusPetro Plc to Renew Subsoil Resource Use License

17 July 2012 (10:56)

An independent oil company RusPetro Plc applied to Rosnedra, asking to for its license entitling the company to the use of Palyanovsky deposit in Khanty-Mansiysky Autonomous Region for fifty more years, the company reports. The enterprise expects to get the new license in December 2012. RusPetro also explained that it started using the railway for oil transportation in the second quarter of 2012, even though the bulk of its produce is still delivered via Transneft. RusPetro’s railway transportation premium comes to $3.3 per barrel against pipeline delivery, Kommersant Ural reports.

The expected volume of railway shipments comes to 3,500 barrels a day; this figure might increase by the end of the year. Since the start of the year, RusPetro has made 14 wells in its deposits and is working on four more. The company intends to produce 10,400 barrels a day by the end of the year. The current production output comes to 5,600 barrels a day. Through its daughter companies, RusPetro also holds licenses controlling Vostochno-Inginsky, Pottymsko-Inginsky, and Palyanovsky deposits. This January, the enterprise has gone through an IPO in London, raising $240m.

RusPetro’s major shareholder is Limolines (29.7% of shares), its beneficiaries are reported to be En+ Group Deputy DG Andrei Likhachev and Federal Network Company First Deputy DG Valery Chistyakov.

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