PetroleumNews.com: Shell subsidiary hits oil in Siberia’s Salym field, ConocoPhillips, Talisman sign $4 billion gas deal
Allen Baker
Posted 14 August 04
A joint venture of a Shell subsidiary and a unit controlled by London-based Sibir Energy hit oil at an exploration well in Siberia’s Upper Salym field.
Salym Petroleum Development N.V., a 50-50 venture, said Aug. 10 that the well hit 16 meters of oil-bearing sand. It was drilled to a depth of 2,316 meters into the Bonus structure. Testing of the well is expected later this year, and executives say it should boost reserve numbers.
The Salym field is in the Ob region in western Siberia. The joint venture is already pumping oil from Upper Salym. West Salym, considered the largest deposit, is expected to start producing by the end of next year and reach 120,000 barrels a day by 2009. A third field, called Vadelyp, is on tap to begin pumping in 2006. Total field development budget is more than $1 billion.
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