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    ROSN   US67812M2070

ROSNEFT OIL COMPANY

(ROSN)
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Rosneft Oil : and CNPC sign license agreement to use hydraulic fracture modelling technology

11/29/2021 | 10:21am EST

"Rosneft and the China National Petroleum Corporation CNPC signed a licensing agreement during the 3rd Russian-Chinese Energy Business Forum for the use of RN-GRID software - simulation and design technology for hydraulic fracturing (HF). Rosneft's own development will help improve the efficiency of CNPC's oil and gas field development.

"Rosneft created Eurasia's first commercial hydraulic fracturing simulator, RN-GRID, in 2017 as part of its digital strategy. The import-substituting development ensures technological independence of the Russian oil and gas industry in the field of computer modelling, which is mandatory for the application of hydraulic fracturing technology. In 2018, Rosneft began commercial sales of the unique software package. "RN-GRID" costs significantly less than foreign counterparts, but is superior in its characteristics.

The Company has already sold more than 200 commercial licenses for the use of the software complex. The largest Russian and international oilfield service and oil & gas companies have become RN-GRID customers.

Reference:

The Russia-China Energy Business Forum is an important institutional platform for practical cooperation between Russia and China in the energy sector. On the margins of the forum, proposals for measures to facilitate the implementation of joint projects and increase investment in the energy sector are discussed and developed. The forum is organised by Rosneft and CNPC.

Hydraulic fracturing is a key technology for securing and intensifying oil production, both in conventional reservoirs and in fields with hard-to-recover reserves.

The RN-GRID software package (https://rn.digital/rngrid/) provides all operations and engineering calculations required for hydraulic fracturing design: loading and visualisation of large-volume input data, creation of a geomechanical tank model, analysis of diagnostic injections, design calculation and analysis of actually performed hydraulic fracturing operations using an extensive database of process fluids and proppants for hydraulic fracturing.

The simulator was created by specialists of LLC RN-BashNIPIneft corporate institute, which is the main developer of Rosneft's knowledge-intensive software.

Rosneft Department of Information and Advertising
29 November 2021

These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information constitutes a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We do not undertake any obligation to update the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

Disclaimer

OJSC Oil Company Rosneft published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2021 15:20:04 UTC.


ę Publicnow 2021
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Igor Ivanovich Sechin Deputy Chairman, President & CEO
Petr Ivanovich Lazarev Finance Director
Gerhard Schroeder Chairman
Artur Matthias Warnig Deputy Chairman
Hans-J÷rg Rudloff Independent Director
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