By the OGJ Online Staff
HOUSTON, Jan. 25 -- Russian company Yukos and a unit of French firm TotalFinaElf SA formed a joint venture Friday to explore and develop the Shatsky Ridge area in the Russian portion of the Black Sea.
The 50:50 JV of TotalFinaElf Tchernomorie and Yukos is subject to Russian government approval.
The first phase of work involves interpretation of seismic data already acquired by Yukos and the launch of another 2D seismic survey over the area in 1,500-2,500 m of water.
"Entry into the Shatsky zone is in line with TotalFinaElf's strategy of expanding its deep offshore operations, bringing the group's expertise to a region where no exploration drilling has ever been conducted," said company officials.
The French company operates production of 12,000 b/d of oil under a production-sharing agreement for the Khariaga field in the Timan Pechora region. It expects to increase production to 30,000 b/d before yearend.
