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GLOBAL NATURAL RESOURCES ANNOUNCES JOINT VENTURE WITH TATNEFT, A RUSSIAN AMALGAMATION

 GLOBAL NATURAL RESOURCES ANNOUNCES JOINT VENTURE
 WITH TATNEFT, A RUSSIAN AMALGAMATION
 HOUSTON, Dec. 10 /PRNewswire/ -- Global Natural Resources Inc. (NYSE: GNR) announced today that its joint venture with Tatneft, a Russian amalgamation which operates the oil and gas fields of Tatarstan, began the operation of stock tank vapor recovery units in November. Production for the month of November was 1,647 tons of oil which the existing arrangement calls to be exchanged for approximately 12,000 barrels of export crude. November's production, together with production for December, is expected to produce a shipment of 5,000 tons of export crude oil (approximately 36,000 barrels).
 The joint venture, which is owned 50 percent by Tatneft and 50 percent by Texneft, Inc., an 80 percent owned subsidiary of the company, intends to install 16 tank vapor recovery units in 1992 and five in 1993. In addition, 24 flare gas recovery units are expected to be installed over the next two years.
 Negotiations on the three expansion projects announced in September, the well stimulation project in the Romashkino and adjacent fields, the operation and development of the Onbysk Field and the development of Almetyevsk and other urbanized areas of the Romashkino Field, are proceeding. A team from MER Engineering arrived in Almetyevsk at the beginning of last week to draw up and prepare budgets for remedial work on the wells and facilities to be taken over by the joint venture. The company expects a delegation of Tatneft representatives to arrive in Houston in January to finalize arrangements on these projects.
 Global Natural Resources Inc. is a Houston-based energy company engaged in the exploration, development and production of oil and gas in North America. The company also owns an interest in long-term oil and gas production sharing contracts in Indonesia and has joint venture projects in Tatarstan-U.S.S.R. and Argentina.
 -0- 12/10/91
 /CONTACT: Eric Lynn Hill of Global Natural Resources, 713-880-5464/
 (GNR) CO: Global Natural Resources Inc. ST: Texas IN: OIL SU: JVN


TS -- NY012 -- 0882 12/10/91 09:32 EST
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Publication:PR Newswire
Date:Dec 10, 1991
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