YUKOS & Partners Reach Agreement on Talakan Field

YUKOS Oil Co., Surgutneftegas and the government of the Sakha Republic (Yakutia) signed an agreement to settle the issues relating to the development of the Talakan field. Under the agreement Sakhaneftegas will sell to Surgutneftegas assets in the Talakan field, including Lenaneftegas.

'Yakutia welcomes the agreement between YUKOS Oil Co. and Surgutneftegas that is of vital importance for the people of the Sakha Republic, - stated the President of the Sakha (Yakutia) Republic Vyacheslav Shtyrov. The agreement that will enjoy a full support of the government of the Sakha Republic proves a high level of social responsibility of the two companies and their commitment to the civilized business practices.'

'The agreement reached will allow Surgutneftegas to commence in the near future a full-scale operation in the Sakha (Yakutia) Republic complying with the interests of both the Republic and our company, - pointed out Surgut CEO Vladimir Bogdanov. We have come to the Eastern Siberia with serious intentions and for long.'

'We are satisfied with the fact that the agreement fully reflects the interests of the parties involved the government of the Sakha Republic as well as the former and new field operators, emphasized YUKOS' CEO Simon Kukes. We continue to regard Yakutia as a priority area for our operations.'

Pursuant to the Agreement Surgutneftegas and Lenaneftegas will execute various contracts whereby Lenaneftegas will be providing field operating services to Surgutneftegas. The services will among other things include drilling and oil production in the Talakan field.

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