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Thursday, February 28, 2008

Shell and Tatneft tie the knot

26 February 2008 - Upstream OnLine - Russian producer Tatneft and supermajor Shell plan to work together from the second quarter to tap heavy oil deposits in Russia as part of a broader deal set up by the two companies last year. Investments would make sense if the joint venture produced in the range of 5 million tonnes per year (100,000 barrels per day) at the 12 bitumen deposits in Tatarstan which Tatneft controls, Tatneft spokesman Vasily Mozgovoi told Reuters. Tatneft and industry analysts have said Tatarstan might hold between 1.5 billion tonnes and 7 billion tonnes of bitumen oil resources. If confirmed, the biggest figure would represent over half of Russia's total crude reserves as estimated by BP in its latest Annual Statistical Review. The two companies said they might also consider forging a joint venture in the future to acquire new exploration licences. The deal has allowed Shell to expand its presence in Russia again after it was forced to surrender control of the Sakhalin 2 project in 2006.

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