Rosneft, which is Russia’s largest oil producing company, plans to sell some old underperforming oil fields, mostly to local companies.

Sova Capital brokerage said in a note to its clients that Rosneft plans to sell some of its brownfields in southern Russia along with underperforming brownfields elsewhere, including Samaraneftegas, Orenburgneft, RN-Severnya Neft, Talinskoye, Varyeganneftegas and Sakhalinmoreneftegas.

Analysts at BCS brokerage also said Rosneft was planning a round of divestments of marginal assets to “streamline the company” and provide capital for developing its huge project, Vostok Oil, which is slated for development of hydrocarbons in the Russian Arctic.

Vostok Oil’s and gas condensate resources are estimated at 6 billion tonnes (44 billion barrels) by the company.

BCS said: “Rosneft is currently in negotiations to sell brownfield assets in Southern Russia and elsewhere to ‘high-grade’ Rosneft’s overall asset base. Results of those negotiations should be announced in the coming months.”

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7th December 2020