On May 19, 2001, in Astrakhan the president of the OAO Stroytransgaz Arngolt Bekker on behalf of the Russian side signed the Frame Agreement with the Italian concern ENI on the joint accomplishment of oil exploration and field development works in the Northern-Astrakhan perspective lease, which is bordering the Astrakhan gas condensate field.
Saturday, May 19, 2001
On May 19, 2001, in Astrakhan the president of the OAO Stroytransgaz Arngolt Bekker on behalf of the Russian side signed the Frame Agreement with the Italian concern ENI on the joint accomplishment of oil exploration and field development works in the Northern-Astrakhan perspective lease, which is bordering the Astrakhan gas condensate field. The Northern-Astrakhan perspective lease in accordance with the estimated rates is notable for the significant prospects of the hydrocarbon stock. From the Russian side the Agreement was also signed by The Head of Administration of the Astrakhan region Mr. A. P. Guzhvin, The Chairman of State Property Fund of the Astrakhan region Mrs. N. P. Karieva and the General Director of the JSC Astrakhannefteprom Mr. V. N. Petrov; and from the Italian side The General Manager of the concern ENI Mr. V. Minkato. According to the Decree of the President of the Russian Federation from May 4, 2000, № 60-FZ, the North-Astrakhan perspective lease is referred to the objects, which can be used on conditions of the section of commodity. Today the license for the usage of entrails belongs to the JSC Astrakhannefteprom, the founders of the joint-stock company are OAO Stroytransgaz and the State property Fund of the Astrakhan region. The principles of co-operation and fulfillment of geological research, exploration works, development and production of the hydrocarbon raw in the limits of the area, as well as the shape of creating structural formations for co-operation, rights and obligations of the both sides, conditions of financing of operations & etc. are determined in details by the Frame Agreement. The stage of geological research foresees conduction of the seismic survey, drilling of 2 wildcats and 4 exploratory wells on the depth of 5100 - 6500 meters each. According to the conditions of the Agreement the financing of these works (total value is about USD 100 millions) is to be fulfilled by the Italian side. According to the results of the geological research the reserves of hydrocarbons within the limits of a prospected area will be estimated. After completion of the stage of geological research and determination of the commercial character of the discovered fields both sides are to set to development and exploitation of the Northern-Astrakhan lease according to the conditions of the Agreement about Section of Commodity.
