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Shell plans Russian oil exploration project-source

Reuters

Shell plans Russian oil exploration project-source

Fri Sep 19, 2008 8:21am EDT

SOCHI, Russia, Sept 19 (Reuters) – Royal Dutch Shell (RDSa.L: QuoteProfile,ResearchStock Buzz) plans a new exploration project in Russia and is considering three oil fields in Kalmykia in the Urals as possible sites, a source familiar with the plans said on Friday.

“The fields require deep drilling, over 6 kilometres,” the source said on the sidelines of an investment forum in Russia’s southern city of Sochi.

Shell’s representative in Russia declined to comment.

The source said Shell has yet to acquire licences for the fields.

A number of Russian oil companies have drilled the fields but failed to reach productive layers due to poor technology.

Shell and the Kalmykia regional government last month signed a cooperation agreement allowing Shell to explore and develop oil resources.

Shell has been trying to improve its position in Russia, after it had to cede control in major offshore project Sakhalin 2 to state-controlled Gazprom (GAZP.MM: QuoteProfileResearchStock Buzz) last year. Shell now owns 27.5 percent of Sakalin 2.

Shell also owns half of West Siberia’s Salym project and plans to develop heavy oil deposits in the Volga region of Tatarstan jointly with mid-sized oil firm Tatneft (TATN3.MM: QuoteProfileResearchStock Buzz).

(Reporting by Katya Golubkova, writing by Tanya Mosolova; editing by Karen Foster)

 

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