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Russian to survey Far East reserves

July 2, 2013 at 7:11 AM

MOSCOW, July 2 (UPI) -- Russian oil company Rosneft said it started looking at the natural resource potential at three license areas in the Sea of Okhotsk.

Rosneft is working alongside Norwegian energy company Statoil at the Lisyansky, Kahsevarovsky and Magadan-1 blocks, which were acquired in 2011. Statoil said last year it would fund the costs associated with the exploration phase, which includes a series of wells planned through 2021.

The Russian oil company said it was examining the prospects for natural resources at the three blocks using a seismic survey for the area.

Russian energy companies have been focusing more on Asian markets where increased economic growth translates to higher energy consumption. Japan imports nearly all of its oil and natural gas reserves and Rosneft President Igor Sechin said in May the Far East is "one of the key regions" for new operations.

Rosneft said Monday the three blocks combined are estimated to hold several billion barrels worth of oil reserves.

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