Lukoil, Gazprom Neft, Tatneft to Explore for Oil in Volga-Urals Region

By Adria Calatayud

Tatneft PJSC said Monday that it has established a joint venture with Russian oil giants Lukoil PJSC and Gazprom Neft for the exploration and production of hard-to-recover hydrocarbon reserves in the Volga-Urals region of Russia.

The partners will seek to develop oil reserves in two blocks--Savitsky and Zhuravlevsky--of the region, oil company Tatneft said.

Drilling of the first prospecting and appraisal well is currently coming to an end at the Savitsky block, while a geological-prospecting program at the Zhuravlevsky license block is expected to run from 2020 to 2023, Tatneft said.

Pilot development of the Savitsky and Zhuravlevsky blocks is expected to start in 2024, the company said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

June 29, 2020 06:10 ET (10:10 GMT)

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