NARYAN-MAR, Russia, June 26 (UPI) -- A joint venture of Russian oil firm LUKoil and Texas-based ConocoPhillips began oil and gas production from fields in northwestern Siberia Thursday.
The OOO Naryanmarneftegaz joint venture began production from 32 wells in the Yuzhno Khylchuyu field in the Nenetsia region of Siberia, the online edition of The Oil & Gas Journal reported.
LUKoil holds a 70 percent stake in the joint venture, with ConocoPhillips holding the remaining 30 percent.
The development wells are transporting oil to terminals in the Barents Sea, the report said.
The field has more than 500 million barrels of proven oil reserves with an expected capacity of 150,000 barrels of oil per day.
Analysts consider the Yuzhno Khylchuyu field one of the largest in the region.
