Conoco: Long-term view elicits success in Russian oil sector

Click here to enlarge imageConoco Inc. entered Russia about 10 years ago, beginning with a relatively small project that allowed the company to build relationships.After extensive studies and negotiations, Conoco and Russian firm Arkhangelskgeoldobycha (AGD) formed a 50-50 joint venture called Polar Lights, located in the Nenetski autonomous okrug east of Arkhangelsk (see map). Russian major Rosneft later joined the JV, leaving Conoco with 50% and AGD with 30%. Currently, the JV produces 35,000 bo/d and has produced 61 million bbl of oil since start-up.In 1992, Polar Lights began developing Ardalin field, which contained about 125 million bbl of oil. In August 1994, Ardalin was then suc...

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