NOVO-OGARYOVO, Russia -- Rosneft and Chevron have agreed to jointly explore the Val Shatsky (West Chernomrsky) license area in the Black Sea.
Rosneft president, Sergei Bogdanchikov, and Chevron chairman, John Watson, signed the agreement, in the presence of Russia’s Prime Minister Vladimir Putin and Deputy Head of the Government of Russia, Igor Sechin.
The two companies plan to establish an operating company, registered in Russia, with Chevron funding the initial exploration program, including seismic studies and exploratory drilling.
Val Shatsky covers 8,600 sq km (3,320 sq mi) in the eastern part of the Black Sea. Studies have identified 10 potential structures, with potential resources of around 860 million tons of oil. A first exploratory well is planned for end-2011.
Rosneft, Chevron team up in Black Sea
Rosneft and Chevron have agreed to jointly explore the Val Shatsky (West Chernomrsky) license area in the Black Sea.