Lukoil, Eurasia Drilling Company Ltd to Cooperate on tight Reserves

December 24, 2012

First Executive Vice President of Lukoil Ravil Maganov and the Executive Director of Eurasia Drilling Company Ltd (EDC) Aleksandr Dzhaparidze signed a memorandum of understanding between the two companies which envisions EDC providing Lukoil with the drilling capacity the Russian independent requires to complete exploration and production of tight oil resources, including low-permeable collectors. To carry out the goals of the memorandum, a joint ad hoc group will be set up. This group will determine the list of fields with tight reserves and timelines for completing projects at these fields.

The companies will also identify the equipment and technologies needed to organize operations at the sites, a list of service companies to be invited to project and planned levels of investment. 

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