Interfax citing Mr Eduard Khudainatov Rosneft chief as saying that the company will go through with the development of the Kaigano-Vasyukansky section and hopes to post its first production in 2017.

He said that "We plan to start production at Kaigano-Vasyukansky section in 2017."

Mr Khudainatov said that company is carrying out active operations at this block. Rosneft is interested in drilling additional wells at this field.

The company which is developing the section jointly with BP said that current reserves at Kaigano-Vasyukansky are insufficient for industrial production. Rosneft said that it plans to drill additional wells by 2012 in order to verify total reserves.

(Sourced from Interfax)