August 9, 2010
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Home / Issue Archive / 2010 / June #6 / Rosneft and Chevron Agree Key Principles on Joint Black Sea Exploration

№ 6 (June 2010)

Rosneft and Chevron Agree Key Principles on Joint Black Sea Exploration

Rosneft and Chevron Corporation inked mutual agreements in Novo-Ogarevo outlining key principles of future joint exploration activity planned for Rosneft’s Val Shatskovo off-shore license in the Black Sea, Rosneft reported today in a news release.
The agreements were signed by Rosneft President Sergey Bogdanchikov and Chevron CEO John Watson. The signing ceremony was attended by Prime-Minister Putin and Rosneft Chairman and First Deputy Prime Minister Igor Sechin.

By Rosneft

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Pursuant to the agreements, Rosneft and Chevron (CVX.N) intend to establish an operating company in Russia. Chevron will finance initial exploration activities, including seismic surveys and exploration drilling.
Val Shatskovo (Western Black Sea License Area) covers 8,600 square kilometers and is located in the eastern waters of the Black Sea. Ten potential hydrocarbon structures have been identified, of which five appear promising as they contain approximately 80 percent of the license area’s resources, or approximately 860 million tons of oil under international classification. A seismic survey is currently in progress in the license area and drilling of the first exploration well is scheduled for the end of 2011.
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