Manufacturing Industry
RUSSIA: Joint venture plans for proposed $150,000,000 offshore oil field development project, OAO ROSNEFT OIL CO. [Russia] & KOREAN NATIONAL OIL CORP. [South Korea] - Order #: 036205.
WWP- Report on Oil Gas & Petrochemicals in the Developing World, March, 2005
PROJECT OVERVIEW:
A Russian/South Korean joint venture in the making recently concluded an interim financial agreement regarding the development of the offshore West Kamchatka oil field. The partners in the planned undertaking include the local OAO ROSNEFT OIL CO. and KOREAN NATIONAL OIL CORP. of South Korea.
According to the terms of the tentative collaborative agreement, the partners intend to conduct seismic exploration on a license area of 60,000 square kms in 2005 as well as drill 3 exploration wells by 2008. The West Kamchatka shelf oil deposits in question are estimated to contain 900 million tons of equivalent fuel. The first development phase is anticipated to take about 2 1/2 years to complete.
In so doing, ROSNEFT is expected...
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