RUSSIA: ONE OF THE WORLD'S BIGGEST OIL COMPANIES, CONOCO, ANNOUNCES IT IS TO BEGIN PRODUCTION ON RUSSIAN SOIL

Record ID: 344784

  • Title: RUSSIA: ONE OF THE WORLD'S BIGGEST OIL COMPANIES, CONOCO, ANNOUNCES IT IS TO BEGIN PRODUCTION ON RUSSIAN SOIL
  • Date: 29th August 1994
  • Summary: UNDISCLOSED LOCATION AND MOSCOW, RUSSIA (AUGUST 29 AND 31, 1994) (REUTERS TELEVISION) UNDISCLOSED LOCATION, RUSSIA (AUGUST 29) 1. AVS OF "POLAR LIGHTS" OIL FIELD (3 SHOTS) 0.19 2. GVS PIPELINES ON THE GROUND 0.23 3. GV REFINERY 0.27 4. SCU POLAR LIGHTS FLAG 0.30 5. GV DRILLING IN OPERATION 0.36 6. GV MAN WORKING DRILL 0.39 7. GVS MORE DRILLING 0.42 8. GV INTERIOR OF PLANT 0.46 9. GV OIL STOREAGE TANKS 0.42 MOSCOW, RUSSIA (AUGUST 31, 1994) 10. GV INTERIOR CONOCO PRESS CONFERENCE 0.53 11. SCU CONOCO PRESIDENT CONSTANTINE NICANDROS SPEAKING (ENGLISH) 1.09 12. GV PEOPLE LISTENING 1.12 SEQUENCE 11 TRANSCRIPT: NICANDROS :"TODAY IT IS OUR PLEASURE TO ANNOUNCE THAT THIS PARTNERSHIP HAS BROUGHT THE FIRST MAJOR NEW OILFIELD INTO PRODUCTION FROM THE NEW RUSSIA AND HAS DONE SO WITHIN BUDGET AND ON SCHEDULE" Initials Script is copyright Reuters Limited. All rights reserved.
  • Embargoed: 13th September 1994 13:00
  • Keywords:
  • Location: MOSCOW AND UNDISCLOSED LOCATION, RUSSIA
  • City:
  • Country: Russia
  • Reuters ID: LVA8JYIM9EJI416EY8YV01DRMLXC
  • Story Text: One of the world's biggest oil companies, Conoco, announced on Wednesday (August 31) it is to begin production on Russian soil The operation will be a joint venture between the multinational giant and Russian firm Arkhangelskgeologia. The companies have already started to pump oil from the Ardalin field in the Russian tundra, above the Arctic circle.

    Entitled Polar Lights, the project represents the single largest investment from the West in Russia's petroleum sector.

    The Ardalin field contains over 110 million barrels (16 million tonnes) of recoverable reserves.

    Permanent housing modules for employees were airlifted along with power generators, water and sewage treatment facilities, telecommunication equipment and other technology to keep the field operational year-round.

    The oil, stripped of ground water, is transported by above-ground pipeline into the main system going to Western Europe.

    The revenues from oil sales will be shared jointly between the Russian and American sides.


  • Copyright Holder: REUTERS
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