Yukos to acquire stake in First International Oil block in Kazakhstan

Jan. 22, 2002
Russian firm Yukos Oil Co. will acquire a 77.5% interest in and operatorship of the Federovskoye exploration block in Kazakhstan. First International Oil Corp., Houston, which acquired the block in 2000, will participate in exploration activities with Yukos.

By the OGJ Online Staff

HOUSTON, Jan. 22 -- Russian firm Yukos Oil Co. will acquire a 77.5% interest in and operatorship of the Federovskoye exploration block in Kazakhstan.

First International Oil Corp., Houston, which acquired the block in 2000, will participate in exploration activities with Yukos.

Previously, Rosneft and Itera Holdings agreed to explore the block with FIOC (OGJ, Apr. 30, 2001, p. 44). FIOC has identified several attractive structures in the block.

The 3,200 sq km Federovskoye Block is in north-central Kazakhstan, along the Russian border adjacent to the Samara area. It is adjacent to the large Karachaganak oil, gas, and condensate field.

Yukos said it has production, transportation, and refining facilities nearby.

The minimum work program requires seismic survey and two deep exploration wells over 5 years. Yukos will carry out a seismic survey this year and will drill the first exploration well in 2003.