RusEnergy

21 November 2006 - Upstream onLine - Canada's Heritage Oil is teaming up with TISE Holding to form a 50-50 joint venture to appraise and take on oil and gas prospects in Russia and elsewhere. The Calgary-based player said TISE is owned by Concord, Zarubezhneft, Gazprom subsidiary Zarubezhneftegaz, Technopromexport and Zarubezhstroimontazh. Financial terms were not disclosed, but Heritage boss Tony Buckingham said the partnership “substantially raises our profile in Russia, beyond our existing 95% interest in the Zapadno Chumpasskoye field.” As well as the Russian development site, Heritage has a producing property in Oman and exploration projects in Uganda and Congo, along with ventures in Iraq.