Russia's Rosneft postpones giant oil project: report

0 Comments | AFP, September, 2008

MOSCOW (AFP) — Russia's top oil producer Rosneft has postponed the opening of its giant Vankor oil field from end of 2008 until mid-2009, one of its directors was quoted as saying on Wednesday.

"The postponement of the launching of this project is linked to its enlargement," Russia's Interfax news agency quoted the group's vice-president Mikhail Stavsky as saying.

The Vankor field in western Siberia has proven reserves estimated at 135 million tonnes of oil and 70 billion cubic metres (2.5 trillion cubic feet) of gas.

Russia plans to pipe crude oil to China and Japan, via a link-up to a Siberia-Pacific line under construction.

Stavski predicted Rosneft's overall production could grow by nine percent this year from the 2007 level, "based on good...