Rosneft Put Hopes On Vancor

Russia?s state-owned oil company Rosneft said that it had almost doubled its oil reserves in the Siberian Vankor field.

Vankor?s revious estimations amounted to 916 million of barrel equivalent. Now the exact figures are unknown, but an anonymous expert told Reuters agency that they were now slightly above 1.47 billion barrels of oil.

Rosneft expects Vancor annual production of up to 2.5 million tons by 2007, rising to 6 million tons in 2008. In six or seven years? time the field should be producing more than 14 million tons annually (280,000 barrels per day).

Besides, one needs a $1.2 billion pipeline to transport oil from Vankor to the Arctic port of Dixon.