Yakutia's Tuimaada-Neft, Singapore's Asian Oil & Gas to create JV to develop hydrocarbon field
YAKUTSK. July 19 (Interfax) - Oil company JSC Tuimaada Neft and Singapore's Asian Oil & Gas signed a memorandum on Wednesday on the development of a hydrocarbon field in Yakutia, an Interfax correspondent reported from the signing ceremony.
The memorandum was signed between the President of Asian Oil & Gas Phil Mulacek and Tuimaada-Neft CEO Stepan Chepalov.
According to the document the companies are planning to create a joint venture to develop the South-Anabarskoye licensed section in the Arctic zone of Yakutia.
"Tuimaada-Neft will receive 51% of charter capital and 49% will be owned by their Singaporean partners," the Yakutia ministry of investment development and entrepreneurship told Interfax.
Prospective resources at the South-Anabarskoye section are 267 million tonnes of oil and 495 billion cubic meters (bcm) of natural gas.
JSC Tuimaada-Neft was established in December 2001 to organize the shipment and sale of hydrocarbons for the needs of farmers and the rural population of Yakutia. The JSC was created in accordance with a decree of the Yakutia government by converting the state unitary enterprise Tuimaada-Neft into an OJSC.