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Siberia Oil and Gas Project Wins OK, Benton Says

Benton Oil & Gas Co. said its previously announced joint venture to explore and produce oil and natural gas in West Siberia has been approved by the Russian Soviet Federal Socialist Republic’s Ministry of Finance.

The Russian partners in the venture are an exploration organization and production entity within the Russian ministries that regulate natural resources. Benton said it will own 34% of the venture, and the two Russian partners will own 33% each.

Drilling of wells in the North Gubkinskoye field and other nearby fields in West Siberia will start in early 1992, and oil and gas production is expected to start by the end of next year, Benton said.


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