Home

AMOCO, HYDRO TO SEARCH BARENTS, PECHORA SEAS

June 6, 1994

Amoco Eurasia Petroleum Co. and Norsk Hydro Produksjon AS have signed a pact for a joint exploration and development program in the Barents and Pechora seas off Russia. At first the companies will evaluate existing data from the region, gathered during the past 5 years. Then they will pursue oil and gas exploration rights. The Amoco-Hydro agreement covers the Barents and Pechora seas south of 71, bounded on the west by the Kola Peninsula, on the east by Novaya Zemlya, and on the south by

Amoco Eurasia Petroleum Co. and Norsk Hydro Produksjon AS have signed a pact for a joint exploration and development program in the Barents and Pechora seas off Russia.

At first the companies will evaluate existing data from the region, gathered during the past 5 years. Then they will pursue oil and gas exploration rights.

The Amoco-Hydro agreement covers the Barents and Pechora seas south of 71, bounded on the west by the Kola Peninsula, on the east by Novaya Zemlya, and on the south by Russia's northern coast.

The agreement will not affect the interests of Amoco and Hydro in Timan Pechora Co., established recently with Exxon Corp. and Texaco Inc. to negotiate for onshore exploration rights in the Timan Pechora basin (OGJ, Apr. 18, p. 31).

An Amoco official said the deal with Hydro is similar to an agreement struck last September with Shell International Petroleum Co. to assess acreage off Sakhalin Island and in the Sea of Okhotsk (OGJ, Oct. 4, 1993, Newsletter).