Manx Petroleum plc, London, has agreed to an exploration and development joint venture with Tatneft, the state oil company of Tatarstan.
JV acreage covers 7,000 sq km of Northeast Tatarstan and nine oil fields with an estimated 820 million bbl of reserves. The immediate plan is to complete two oil field developments near Yelabuga on the Volga River, the 39 million bbl Bakhchisaraiskoye and 16 million bbl Yelginksoye, boosting output to 30,000 b/d by yearend 1993 from 800 b/d. Manx has an option to develop the remaining seven fields. lt owns 49% of the JV and will provide management, financing, marketing, and key field operations services. Tatneft will provide oil rights, manpower, and export to Novorossiisk port.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
