By the OGJ Online Staff
HOUSTON, Oct. 25 -- Parker Drilling Co., Houston, and Russian oil company Tyumen Oil Co. formed a joint venture to provide contract drilling services throughout Russia.
The venture will introduce internationally accepted oil field practices and work to make Tyumen Oil's drilling more efficient. It will also upgrade Tyumen Oil's drilling and workover rigs. Parker will manage the drilling.
The first project, to begin in January, will involve 5-10 Tyumen rigs working at the Samotlor oil field in Western Siberia.
The companies did not disclose the financial terms of the contract.
"This is an excellent opportunity to further expand our international operations in a market yet to be tapped by Western drilling contractors," said Robert L. Parker Sr., chairman of Parker Drilling.
Tyumen Oil Pres. and CEO Simon Kukes said, "Our association with Parker Drilling Co. meets our objective of bringing Western-style drilling techniques and field management to Tyumen Oil's drilling activities. I am convinced that this strategy is the best way to increase the speed and productivity of our drilling."