Tatneft to set up joint venture in Syria

The Tatneft oil producer on November 22, 2009, received a letter from the Syrian Minister of Oil and Mineral Resources, confirming the location of a plot for development within the South Kishma field, said today the company’s press service.

South Kishma is the first field to be developed based on an exploration and development contract on the terms of product sharing within the block 27, signed in March 2005. According to the contract, the date of confirming the plot’s coordinates is the date of commercial discovery of the South Kishma field. Recoverable reserves are estimated at 4.89 million tonnes.

A joint working company will within 30 days after the announcement of commercial discovery of the field be registered, in which Tatneft will control 50 percent of the equity.