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Russia: Joint Venture Aimed At Reversing Oil Decline

London, 22 November 1996 (RFE/RL) - A Russian-US joint venture is to greatly step up oil production at a giant oil and gas field in western Siberia, helping to arrest the decline in Russia's oil production.

The company, Geoilbent, says it plans to increase production by almost ten times at the North Gubkinskoye and Prisklonovoye oil and gas fields.

The European Bank for Reconstruction and Development says it is to provide a $55 million loan towards the cost of drilling more than 300 new wells and expanding production facilities and local infrastructure.

Presently there are 40 wells at the site producing 8,000 barrels of crude oil daily. That figure is set to rise to 75,000 barrels a day.