MOSCOW: Russia's third-largest crude producer TNK-BP, in the process of being bought in a $55 billion takeover by Rosneft, said on Thursday it signed a contract with Schlumberger to develop 'tight oil' reserves in Siberia.
'Tight oil', hidden inside hard-to-break layers of rock, is seen as the next source of crude oil production, which is declining at West Siberia's depleted fields, the hinterland of the Russian oil industry.
TNK-BP said it secured the deal with Schlumberger, the world's largest oilfield services company, to jointly implement a pilot project to develop hard-to-recover hydrocarbon reserves in the Severo-Khokhryakovskoe field in the West Siberia.
"Under the terms of the contract, Schlumberger will coordinate all operations and provide the entire range of oilfield services within the framework of the project, apart from directional drilling," TNK-BP said in a statement.
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