LUKOIL and ConocoPhillips Announce Joint Venture

 01.07.2005  

LUKOIL and ConocoPhillips have finalized the creation of the OOO Naryanmarneftegaz joint venture to develop resources in Timan-Pechora hydrocarbon province in the northwest of Russia. ConocoPhillips has a 30 percent interest in the joint venture. The amount of the transaction involving acquisition of this interest is approximately US$500 million. The companies will govern the joint venture 50/50.
 
Production from the joint-venture fields is expected to be transported via pipeline to LUKOIL's existing terminal at Varandey Bay on the Barents Sea (Nenets autonomous district) and then shipped via tanker to international markets.
 
The Naryanmarneftegaz joint venture is part of a larger strategic alliance between ConocoPhillips and LUKOIL that was formed on Sept. 29, 2004.

Comments

Post a Comment

Popular posts from this blog

Petrobras on P-80 construction contract

August 15, 2022 Petróleo Brasileiro S.A. – Petrobras informs that, as a result of the progress of the development project for the Búzios field , in the Santos Basin pre-salt area, it signed today a contract with Keppel Shipyard Limited for the construction of platform P-80 , the ninth unit to be installed in the field.  This unit will be one of the largest to operate in Brazil and one of the largest in the global oil and gas industry, with capacity to produce up to 225 thousand barrels of oil per day, process up to 12 million m3/day of gas, and store more than 1.6 million barrels.  The project foresees the interconnection of 14 wells, 7 of which are oil producers and 7 injectors. The platform will be self-owned, of the FPSO type (floating unit that produces, stores, and transfers oil), with a minimum local content index of 25%. Production is scheduled to start in 2026. The P-80 will be the 28th system to operate in the pre-salt.  The P-80 is part of Petrobras' new generat...
Read more

Eni sells to Mubadala Petroleum a 10% stake in the Shorouk concession, offshore Egypt

11 March 2018  Eni has agreed to sell to Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company, a 10% stake in the Shorouk concession, offshore Egypt, where Zohr's super-giant gas field is located. Eni, through its subsidiary IEOC, currently holds a 60% stake, while the other partners are Rosneft with 30% and BP with 10%. The agreed consideration is 934 million US dollars. The completion of the transaction is subject to the fulfillment of certain standard conditions, including all necessary authorizations from Egypt’s authorities. The Zohr super-giant gas field was successfully started-up in December 2017, in only 28 months after its discovery, and is currently producing 400 million scf per day. The production will gradually ramp up to reach the plateau by the end of 2019. Claudio Descalzi, Chief Executive Office of Eni, said: «We are pleased to be working with Mubadala and welcome them into the partnership for the Shorouk concession. This represents a furt...
Read more

McDermott Hosts Celebratory Event for Abkatun-A2 Sail Away -- Largest Oil Platform Constructed in Mexico in 10 Years

Nov. 15, 2018  McDermott International, Inc. (NYSE: MDR) announced today an event that was hosted at their world-class fabrication yard in Altamira, Tamaulipas, Mexico celebrating the sail away and another project milestone of the PEMEX Exploración y Producción PB-Abkatun-A2 oil and gas production platform. Representatives from PEMEX, government officials, including Governor of Tamulipas, Fran isco Garcia Cabeza de Vaca, McDermott and regional news outlets participated in the event. The PB-Abkatun-A2 platform is McDermott's largest project in size and total value to date for PEMEX. The USD $454 million engineering, procurement, construction and installation and commissioning (EPCIC) project was awarded to the Company in June 2016. McDermott's scope of the work spanned from the basic engineering design to tie-in and commissioning of the jacket, deck, four tripod jackets, and four bridges about 100 meters each. Two tripods were designed to be used as part of the flare system whi...
Read more