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Russian-German Wolgodeminoil: 10 million tons recovered in southern Russia

Wolgodeminoil reached a significant milestone.

Russian-German Wolgodeminoil: 10 million tons recovered in southern Russia


Volgograd, August 23 - Neftegaz.RU. The German-Russian joint venture Wolgodeminoil has reached a significant milestone: the 50:50 joint venture between the BASF subsidiary Wintershall and RITEK, a subsidiary of Russian LUKOIL, produced the 10 millionth ton of crude oil.

Wintershall's involvement in southern Russia dates back to 1992. At that time, the energy producer from Hesse, Germany, became one of the 1st western companies to enter into a business relationship with a Russian partner in the oil and gas production sector.

«At the beginning of the 1990s we proved our pioneering spirit together. Creativity, team spirit and, above all, the combined expertise of the Russian and German employees have led the joint venture from success to success. The total production volume of 10 million tons of oil is an important milestone for the company, which we are extremely delighted about,» explains Thilo Wieland, Wintershall's Executive Board member responsible for exploration and production in Russia.

Wolgodeminoil currently produces oil and natural gas from 12 fields across a concession area covering 13,625 square kilometers. The total size of the licensed areas is roughly comparable to the state of Schleswig-Holstein.

«Last year alone we produced around 520,000 tons of crude oil and about 130 million cubic meters of gas,» says Pavel Ivanov, Gen. Director of Wolgodeminoil. Over the next 5 years, Wolgodeminoil plans to conduct 3D seismic surveys across an area 1,700 square kilometers in size, and drill 20 exploration wells.


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