Gazprom Neft starts tight oil project in Siberia


Gazprom Neft starts tight oil project in Siberia


MOSCOW -- Gazprom Neft has begun drilling an appraisal well as part of its program to develop unconventional and hard-to-recover oil reserves, the company said in a statement. 

The drilling at the Krasnoleninsky deposit in the Khanty-Mansi autonomous district in Siberia will help Gazprom Neft "improve tight oil expertise in order to develop hydrocarbons located in the Bazhenov, Abalakskaya and Frolovskaya formations," the company said. It will examine the reults of drilling in spring this year then decide on further project development.

Oil companies in Russia the world's top energy producer are increasingly looking to deposits that are harder to tap as production declines at Soviet-era fields in Western Siberia. Gazprom Neft is already working on a similar tight oil project with Shell. In December,Rosneft and Exxon Mobil signed a deal for a pilot drilling program to assess tight oil reserves.

Dow Jones Newswires


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