TEXACO-SOVIET DEAL ADVANCES

Sept. 17, 1990
Units of Texaco Inc. and the Soviet Union's Ministry of Geology have taken another step toward a joint venture for exploration and development in the Timan-Pechora region of the U.S.S.R. Texaco Petroleum Development Co. and Arkhangelskgeologia signed a protocol covering basic principles for joint work on a feasibility study for the project (OGJ, Aug. 20, p. 38). Texaco said the area in the northern European region of the U.S.S.R. has potential for early production with reserve estimates of

Units of Texaco Inc. and the Soviet Union's Ministry of Geology have taken another step toward a joint venture for exploration and development in the Timan-Pechora region of the U.S.S.R.

Texaco Petroleum Development Co. and Arkhangelskgeologia signed a protocol covering basic principles for joint work on a feasibility study for the project (OGJ, Aug. 20, p. 38).

Texaco said the area in the northern European region of the U.S.S.R. has potential for early production with reserve estimates of more than 5 billion bbl of oil.

The feasibility study will require about 6-9 months.

Exploration/development would be carried out mainly by Soviets, supplemented by Texaco personnel.

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