LUKOIL, Gazprom Neft and Tatneft have formed a joint venture

Лукойл, Газпром нефть и Татнефть создали совместное предприятие — LUKOIL, Gazprom Neft (MCX:SIBN) and Tatneft (MCX:TATN) on a parity basis (⅓) formed a joint venture, OOO “New technologies of oil production” for exploration and extraction of unconventional hydrocarbons (TRIZ) in the Orenburg region, said in a joint statement by the companies.

To learn the traditional oil deposits, and to develop cost-effective technologies for the industrial development of TRIZ, partners will Savitsky and Zhuravlevsky license areas.

Savitsky square footage is about 900 sq km, it has a weak degree of geological knowledge. The area bordering Zhuravlevskogo area is approximately 123 sq. km At the territory of the site there is Zhuravlevskogo field, which was opened in 1965 and is currently in conservation, the residual geological reserves of about 2.5 million tons of oil. In addition, the plot can be trudnoizlechimykh deposits of hydrocarbons.

After confirmation of reserves will be created, the program of experimental-industrial development of the asset, which is scheduled to begin in 2024.

Stocks fall in trading on the Moscow exchange. As of 17:00 Moscow time papers of LUKOIL (MCX:LKOH) lost 0.68% of Gazprom Neft – 1,08%, Tatneft (AO) – 1,62%.

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