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PENNZOIL IN RUSSIAN JOINT VENTURE

 PENNZOIL IN RUSSIAN JOINT VENTURE
 HOUSTON, Dec. 23 /PRNewswire/ -- Pennzoil Co. (NYSE: PZL), which


recently announced a strategic shift from domestic to foreign exploration and production, said it will participate in a joint enterprise, Siberian American Oil Co., to develop the West Mogotlorsk oil field located in the Tyumen region of Western Siberia, located in the Russian Federated Republic.
 James L. Pate, president and chief executive officer of Pennzoil, said, "We are excited about the prospects of this venture which was one of the first to be registered with the Russian Federation. The project is strategically located in the heart of one of the most prolific oil producing regions in the country and should be of great benefit to the Russian people as well as Pennzoil. Development drilling is expected to begin within a few weeks."
 Located in a major oil producing region, the West Mogotlorsk field was discovered in 1986. In addition to extensive seismic and other geophysical analysis, over 20 test wells were drilled between 1986 and 1990 which confirmed the existence of oil producing structures in the upper Jurassic sand at a depth of less than 10,000 feet. The project is likely to involve a drilling program of approximately 50 wells to develop the estimated 40-45 million barrels of recoverable reserves from the main structure of the field.
 An oil pipeline which connects to the Trans-Siberian pipeline system is located less than one mile from the field. The oil will be transported through the pipeline systems and exported for hard currency from ports on either the Baltic or Black Seas.
 The latest completion and secondary recovery techniques will be used in the field to improve recovery until the economic limit of the oil production phase has been reached. The gas available for sale at that time should be approximately 30-35 billion cubic feet containing significant amounts of ethane, propane, and butanes in addition to methane.
 The Russian partner in the joint enterprise is the Agansk Geological Enterprise based in the Siberian town of Novoagansk. With its port facilities on the Agan River and an extensive infrastructure, Novoagansk will be the base of operations for the West Mogotlorsk oil field.
 Pennzoil Co. is a Houston, Texas, based natural resources company with interests in oil, natural gas, sulphur, automotive products and services and specialty lubricants. The Pennzoil brand of motor oil has been the top selling motor oil in the United States since 1985.
 -0- 12/23/91
 /CONTACT: Robert Harper of Pennzoil, 713-546-8536/
 (PZL) CO: Pennzoil Co. ST: Texas IN: OIL SU: JVN


JT -- NY061 -- 4890 12/23/91 14:17 EST
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Publication:PR Newswire
Date:Dec 23, 1991
Words:435
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