Sibneft, Yukos form JV to study areas off Chukotka district

Russian companies Sibneft and Yukos agreed to jointly study exploration zones in the Chukotka and East Siberian seas off the autonomous Chukotka district.

Aug 9th, 2001


By the OGJ Online Staff

HOUSTON, Aug. 9 -- Russian companies Sibneft and Yukos agreed to jointly study exploration zones in the Chukotka and East Siberian seas off the autonomous Chukotka district.

The equal joint venture partners will process existing seismic data from the area. They intend to conduct further seismic studies and may later drill exploration wells.

Sibneft said it is drilling its first onshore exploration well in Chukotka from a site on Molchalivy Island; it is also preparing to develop the West Ozyornoye gas field.

Sibneft also said the geological structure of the East Siberian Sea and Chukotka Sea basins is similar to that of Alaska's North Slope.

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