Timan Pechora PSA protocol signed

Dec 16, 1996 01:00 AM

Timan Pechora Company (TPC) has signed a protocol with the Special Delegation of the Russian Federation signifying completion of negotiations and mutual agreement on the text of a production sharing agreement (PSA) for the Timan Pechora project. The Timan Pechora project covers a 7,310 sqkm (2,847 sqml) contract area, located approximately 1,800 km (1,100 ml) north-east of Moscow in the Nenetsky Autonomous Okrug. The contract area has potential recoverable reserves of 2.2 bnb of oil. It is estimated that a capital investment of about $ 20 bn will be required over the life of the project. The draft PSA now will be submitted to the Government of the Russian Federation, the Nenetsky Okrug, and the Arkhangelsk Oblast for review and approval. Final approval is anticipated in early 1997. In the interim, TPC will begin a work program involving the testing of existing wells at the Roman Trebsa field. Once the PSA is signed, an expanded work program of civil construction and field evaluation will begin. Once the PSA is fully effective, the contract area will be appraised by the drilling of new wells, acquisition of seismic data, and evaluation studies, which could lead to commercial declaration and full contract area development. TPC was formed in 1994 and is owned by affiliates of Amoco (20 %), Exxon (30 %), Norsk Hydro (20 %) and Texaco (30 %). TPC has agreed to a Russian participation of 20 %. Negotiations are under way for the inclusion of Rosneft and Arkhangelskgeoldobycha as the Russian participants.

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