a) Pechoramorneft JV: Neste (Finland), Kvaernar Masa-Yards (Russia), state-run Soyuzmorgeo (Russia), Sevmorneftegeofizika (Russia), Nenets district administration.
This joint venture is aimed at Barents Sea offshore oil development. However, the project has been hampered by the company lacking relevant offshore development licence.
Neste, in conjunction with the Arkhangelskneftegaz (Arkhangelsk Oil & Gas), has also launched a joint-stock company aimed at developing two fields in the Timan-Pechora Basin. The two fields include the Yuzhno-Shapkinskoye oil and gas field and Shapkinskoye gas field. Plans call for the joint-stock company to operate on a production-sharing basis. However, activity is impeded by lack of relevant legislation.
b) Nobel Oil International: Glencore International (Marc Rich & Co, Switzerland), Ukhta Oil Refinery (Russia), KomiNeft (Russia)
This joint venture was formed in mid-1993 to extract heavy oil from oil stained rock near Usinsk. The partners are planning to invest an estimated US$500 million in the development of the Usinsk oil fields over the next 25 years.
c) Timan-Pechora Company (TPC): Texaco, Amoco, Exxon (USA), Norsk Hydro (Norway), Archangelskgeologiya (Russia)
The Timan-Pechora Company (also known as Texaco Timan-Pechora) is a recently-formed consortium which is planning to explore and drill in the region of the Usinsk spill. TPC has been set up to explore in a 2,800sq mile Arctic concession.
This joint venture has received combined insurance and loan guarantees of US$400 million for exploration and drilling operations from the US OPIC.