Printer Friendly

TEXACO INTERNATIONAL OPERATIONS INC. ENTERS INTO AGREEMENT IN WESTERN SIBERIA; AGREEMENT MARKS COMPANY'S FIRST OIL VENTURE IN RUSSIA

 WHITE PLAINS, N.Y., March 1 /PRNewswire/ -- Texaco Inc. (NYSE: TX) announced today that its subsidiary, Texaco International Operations Inc., has concluded an agreement with Sutorminskneft, a Western Siberian oil and gas production association, to restore production from idle wells in the Sutormin Field in Western Siberia. This project marks the company's first production venture in Russia.
 "Texaco's participation in Western Siberia expands the company's activities into one of the significant producing areas in the world, while addressing one of the challenging problems confronting the Russian petroleum industry -- restoring production from idle wells," said Texaco Inc. Senior Vice President Peter I. Bijur.
 Although specific terms of the agreement were not disclosed, Texaco has secured oil export guarantees from the government and will receive a share of the earnings from the project that will be calculated separately from Russian taxes, tariffs or other duties.
 Bijur added, "In addition to the current potential of well workovers and field development in this area, Texaco will be pursuing future opportunities in the Western Siberian region." The company expects to commence field operations during the second quarter of 1993.
 Located in the northern portion of the Tyumen region of Western Siberia, the Sutormin Field lies approximately 200 miles south of the Arctic Circle and approximately 1,500 miles east of Moscow. The field, which contains 35-degree API gravity sweet crude and has recoverable reserves of approximately one billion barrels, is currently producing about 140,000 barrels of oil per day. Approximately 40 percent of the wells in this field are idle due to various technical reasons.
 -0- 3/1/93
 /NOTE TO EDITORS: A map of the location is available upon request./
 /CONTACT: Anita Larsen, 914-253-4155, Dave Dickson, 914-253-4128, or Jim Swords, 914-253-4103, all for Texaco/
 (TX)


CO: Texaco Inc.; Texaco International Operations Inc.; Sutorminskneft ST: New York IN: OIL SU:

LR -- NY023 -- 1242 03/01/93 09:03 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 1, 1993
Words:315
Previous Article:THE NEW YORK TIMES COMPANY INTRODUCES "CRITICS' CHOICE," A WEEKLY MAGAZINE OF NEW YORK TIMES REVIEWS
Next Article:SEARS TO SELL ARROW SHIRTS THIS FALL
Topics:


Related Articles
TEXACO RESUMES OIL PRODUCTION IN PARTITIONED NEUTRAL ZONE
PARKER DRILLING SELECTED FOR CHEVRON WORK IN KAZAKHSTAN
TEXACO SIGNS AGREEMENT WITH OPIC ON WESTERN SIBERIA PROJECT AT WHITE HOUSE CEREMONY
ROBERT C. RORDAM APPOINTED TO NEW POSITION GENERAL MANAGER - RUSSIAN OPERATIONS
TEXACO FORMS NEW COMPANY FOR RUSSIAN VENTURE; EXXON, AMOCO AND NORSK HYDRO JOIN TEXACO IN TIMAN PECHORA PROJECT
BENTON OIL AND GAS COMPANY ANNOUNCES ACREAGE EXPANSION AND AN ACCELERATED DRILLING PROGRAM AT RABBIT ISLAND FIELD
Benton Oil and Gas Russian Operation Receives EBRD/IMB Funding Large Scale Development Launched
Texaco and Tyumen Oil, in a First for a Russian Company, Sign an Agreement to Expand Relationship to Commodity Risk Management.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters