Service Company C.A.T. Oil Agreed with RussNeft about Partnership
Moscow, September 29, INTERFAX-ANI – An Austrian oil service company C.A.T. oil signed with JSC Oil and Gas Company “RussNeft” an agreement on long-term cooperation in the field of oil production intensification. According to the data received from C.A.T. oil, the company is already working at the oilfields of “RussNeft” in the European part of Russia and in Western Siberia.
C.A.T. oil provide to oil producing companies services in the field of hydraulic fracturing and angular drilling.
Recently C.A.T. oil have also made an agreement with a drilling subsidiary of “Gazprom” (PTC: GAZP), LLC “Burgaz” and JSC “Gazprom Neft”.
As we have mentioned before , “RussNeft” is planning to invest within 5 years $ 1.5 billion in development of the production base and exploration works at the oilfields belonging to the holding. In 2007 the company is planning to increase oil production to 20 million tons, According to the data provided by GE CDO of Fuel and Energy Complex, in 2005 “RussNeft” produced 12,2 million tons of crude oil.