Exploration Project in Siberia's Kovytka Gas Condensate Field MOSCOW, Nov. 6 /PRNewswire/ -- Tyumen Oil Co., one of Russia's top four oil companies, today expressed support for Korea Gas Company's decision to join in developing the Kovykta field in Eastern Siberia. Tyumen Oil hailed the move as further recognition of the field's huge potential. Tyumen Oil has two licenses for two blocks, Khanda and Yuzhno-Ust-Kut, in the administrative region of Irkutsk, not far from the China border. The two fields are directly adjacent to the giant Kovykta field being developed by RUSIA Petroleum, owned by a number of Russian and foreign companies including BP Amoco, a recognized gas industry leader. Tyumen Oil holds a six percent stake in RUSIA Petroleum. The license granted to South Korea' state-run Korea Gas Corp (KOGAS) is for a nearby field. "Development of Kovytka is one of the biggest export projects in eastern Russia," said Simon Kukes, president and CEO of Tyumen Oil. "The project will go a long way toward integrating Russia's natural resources into the energy system of the Asia-Pacific region. To achieve that, we have established constructive ties with government officials and companies in the region and hope to begin an effective dialogue with Korea Gas, as well." Kukes noted that BP Amoco also recognizes the region's potential and is participating in projects in the area, estimated to contain about 1.4 trillion cubic meters of natural gas. Tyumen Oil, established in 1995 and owned by the Russian Alfa Group and US-Russian Access/Renova, has crude oil reserves of more than 7.4 million barrels and refines more than 500,000 barrels per day. It ranks No. 2 in reserves and No. 4 in production among Russian oil companies. Tyumen Oil owns and franchises a chain of nearly 700 branded retail gasoline stations. For further information, go to http://www.tnk.ru . SOURCE Tyumen Oil Co. -0- 11/06/2000 /CONTACT: Alexander Chernov, of Tyumen, +7095-745-78-46, or Rory Davenport, for Tyumen, 202-828-8852/ /Web site: http://www.tnk.ru / CO: Tyumen Oil Co. ST: Russia IN: OIL SU: -0- Nov/06/2000 16:19 GMT
Tyumen Oil Welcomes Korea's Entry Into Natural Gas
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