SHELL JOINS JOINT VENTURE IN RUSSIA

Shell Exploration By has agreed to join a Saga Petroleum AS project to develop oil and gas fields in northern Russia's Timan Pechora basin in collaboration with three Russian companies. Saga signed an agreement of intentions with Severgasprom, Arkhangelskgeologia, and Ukhtaneftegasgeologia to form a joint venture that would be half Russian and half foreign. The combine intends to develop fields for which Severgasprom, as leader of the Russian group, applied for exploitation licenses at the

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