Teton Petroleum says pipeline opened from Siberian oil field

Teton Petroleum Co., Steamboat Springs, Colo., Wednesday announced it has begun pumping oil through its 40-km pipeline in western Siberia, enabling production year round from the Eguryak license, 20 miles north of Samotlor oil field. Teton formerly shut down production in the fall and spring because of weather conditions.


By the OGJ Online Staff

HOUSTON, May 9 -- Teton Petroleum Co., Steamboat Springs, Colo., Wednesday announced it has begun pumping oil through its 40-km pipeline in western Siberia, enabling production year round from the Eguryak license, 20 miles north of Samotlor oil field.

Last November, Teton announced it had completed a $15 million financing package to build the line (OGJ Online, Nov. 8, 2000).

Teton has produced oil from Eguryak field since 1997. Until the pipeline was operational, Teton Petroleum had to truck oil in the winter and barge oil in the summer. It shut down oil production in the fall and spring because of weather conditions.

The company conducts its active business solely through a 50% ownership interest in Goltech Petroleum LLC, a Texas limited liability company.

Goltech operates through ownership of a 70.59% interest in Goloil, a Russian joint stock company. Goloil owns the Eguryak license in western Siberia.

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