Announced
Completed
Financials
Sources
Tags
Russian Federation
Joint Venture
Single Bidder
oil exploration
Private
Friendly
Majority
oil production
Oil: Crude Producers
Completed
Synopsis
Russian energy companies Tatneft, Gazprom Neft and LUKOIL formed a joint venture for the exploration and production of hard-to-recover hydrocarbon reserves in the Orenburg Oblast. The new business's - New Oil Production Technologies' - asset portfolio includes the Savitsky and Zhuravlevsky license blocks. Each party has been allocated an equal one-third interest in the joint venture. Financial terms were not disclosed. The partners will be sharing operational and technological competencies in finding the most effective means of developing traditional oil reserves, as well as in developing viable technologies for the commercial production of hard-to-recover hydrocarbon reserves at two blocks in the Orenburg region.
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