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SHATSKY SHAFT Val Shatskogo (Shatsky Shaft) is a field at the Black Sea shelf located in the eastern part of the water area, with the area of 8,6 thousand square meters. Reserves of the field account for about 860 mln. tons of oil under international classification. The field‘s development is being started by Rosneft together with Chevron company. Chevron will finance the initial geological exploration, seismic and prospect drilling. The share which Chevron will get is not known. A single holding will be established and, under the Subsoil Law of the Russian Federation, the license will be possessed by Posneft. At the geological exploration stage up to 1 bln. USD will be invested in shelf development in the Black Sea. According to Deputy Prime Minister Igor Sechin, if in the course of geological exploration a go decision is made, over 1 trn. rubles will be invested in the project. The first well is planned to be drilled in the end of 2011. The project is also likely to get tax relieves. Shatsky Ridge and other off-shore projects of Rosneft in the Black Sea can turn out to be more costly and complicated in comparison with projects in the Caspian Sea due to deeper waters of the Black Sea. The total cost of the Shatsky Ridge development project was roughly estimated as 2030 bln. USD. However, a substantial resource base, favorable climatic conditions, vicinity to export markets, developed infrastructure (Rosneft owns Tuapse oil refinery plant and an oil shipment terminal at the Black Sea coast) are significant advantages of the project.
BOVANENKOVO GAS FIELD (YAMAL PROJECT) Yamal project, also referred to as Yamal megaproject, is a long term plan to exploit and bring to the markets the vast natural gas reserves in the Yamal Peninsula, Russia. The project is developed by Gazprom. Preparations for the Yamal's development started 1990s. According to the original plans, drilling work on the Bovanenkovo field was to have started in 1997. In January 2002, Gazprom identified the Yamal Peninsula as a region of Gazprom's strategic interest. Preparatory works started in 2007 with the construction of auxiliary infrastructures, such as staff buildings and transport facilities. In July 2008 Gazprom launched the construction of the Bovanenkovo–Ukhta gas trunkline at the submerged crossing via the Baydaratskaya Bay. The project was officially inaugurated on 3 December 2008. On the Yamal Peninsula and its adjacent offshore areas have been discovered 11 gas fields and 15 oil, gas and condensate fields. They consists of 16 trillion cubic meters (tcm) of explored and provisionally evaluated gas reserves and nearly 22 tcm of in-place and forecast gas reserves. Condensate reserves are estimated to consists of 230.7 million