Petrogrand and Shelton Petroleum to Form Combined Oil Group

Sweden’s Petrogrand AB announced Wednesday that it has entered into an agreement with Shelton Petroleum to form a combined oil group, which will focus exclusively on Russian oil assets.

As part of the deal, Shelton Petroleum's and Petrogrand's operations in the Russian Bashkiria and Komi regions, respectively, will be managed as one enlarged oil group. The combined company will have a net working interest oil production of around 1,350 barrels of oil per day and 2P oil reserves of approximately 32 million barrels. The entity will be owned by the current shareholders of both Shelton Petroleum and Petrogrand.

Shelton Petroleum's oil assets in Ukraine will be spun-off to existing shareholders and will not be part of the new joint entity. Petrogrand and Shelton Petroleum have a combined total of approximately 10,000 shareholders.

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Orlando, FL
Project Manager
Expertise: Engineering Manager|Project Engineer
Location: Chicago, IL
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours