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

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. 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. The largest Russian and international oilfield service and oil & gas companies have become RN-GRID customers.