Alliance, Repsol form joint venture for exploration in Russia

Alliance Oil Co. Ltd. and Repsol Exploracion SA agreed to form a joint venture for exploration and production in Russia, combining Alliance’s Russian exploration and production expertise with Repsol’s technological and financing capabilities.

Under the agreement, Alliance will transfer its upstream subsidiaries Saneco and Tatnefteodatcha, which comprise exploration and production licenses at 14 fields with proved and probable oil reserves of 171.5 million bbl and production of 20,500 b/d of oil.

Alliance’s asset contribution is valued at $570 million, and Repsol will carry out a capital increase in the joint venture as well as paying cash to Alliance to obtain 49% interest participation.

The companies said their joint venture will have preferential rights regarding new upstream business opportunities identified by either Alliance or Repsol in Russia.

Contact Eric Watkins at hippalus@yahoo.com

Related Articles

Proved reserves of US crude oil reach 38-year high

04/10/2014 US proved reserves of crude oil at yearend 2012 were estimated at 33.4 billion bbl, up 15.4% from 2011 and the highest since 1976, according to a r...

GeoPark makes oil discovery in Colombia

04/09/2014 GeoPark Ltd. reported the successful drilling and testing of the Aruco 1 exploration well on the Llanos Block 34 in the central Llanos basin in Col...

OMV to ramp up drilling in lower Austria

04/08/2014 OMV AG reported it will drill as many as 24 wells this year along with 20 wells in 2015 and 2016, respectively, in the Weinviertel region of lower ...

Large seismic survey starts offshore Norway

04/08/2014 CGG has begun shooting the largest broadband multiclient seismic survey it has conducted in Northwest Europe and what it calls the largest multicli...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected