Rosneft successfully completed the drilling of the northernmost well in the world – the Universitetskaya-1 well in the Arctic. According to the results of the drilling Rosneft has made an oil discovery at the East-Prinovozemelskiy-1 license area. The drilling was completed in record-breaking time - in one and a half month - in compliance with all the technological and ecological standards and requirements.

The sea depth at the drilling site is 81 m, the depth of the straight well – 2,113 m. the well was drilled in open-water conditions – at the 74th circle of longitude, 250 km clear off the inland of the Russian Federation.

As a result of the drilling formation samples were obtained, a pilot borehole was drilled (diameter 8.5 inches to a depth of 600 m) and horizontal drill samples were collected. Specialists obtained substantial amount of new geological data which will be elaborated. Upon the completion of the analysis a conclusion on the resource base of the discovered field can be made. At the moment the geological data interpretation is being conducted, the field’s development model is being elaborated. The security and fail-safety of the operations of future drilling is guaranteed by the landing of 5 columns.

During the ceremony dedicated to the completion of the drilling the head of Rosneft Igor Sechin said: “I can inform you about the discovery of the first oil/gas-condensate field in the new Kara sea oil province. The first oil was extracted. It is an astonishing sample of light oil, which based on the results of the analysis performed, is comparable to the Siberian Light oil. The resource base estimate of just this oil trap is 338 bcm of gas and more than 100 mln tones of oil. And this is just the estimates of this very structure. This is an outstanding result of the first exploratory drilling on a completely new offshore field. This is our united victory, it was achieved thanks to our friends and partners from ExxonMobil, Nord Atlantic Drilling, Schlumberger, Halliburton, Weatherford, Baker, Trendsetter, FMC. We would like to name this field Pobeda*”

A wide range of detailed researches of the environment preceded geological operations: climate, iceberg migration, wildlife thorough analyses were conducted. Rosneft for many years conducts such researches in the Kara Sea, Laptev and Chukchee Sea. All of this data is taken into consideration while planning the exploration and for the design of rigs, for the evaluation of logistics for shelf projects.

Rosneft for the time being organized 10 scientific expeditions in the Arctic. As a result of this work the meteorological observation system in the Kara Sea was fully restored. Special focus of these researches is on biological analysis, which includes, the monitoring of the habitat of marine mammals and birds.

_{*(Victory in Russian)}

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
September 27, 2014

These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. We assume no obligation to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.