Tatneft, Gazprom Neft and LUKOIL formed a joint venture.

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.