Alfred J. Boulos, 2000. "Conoco’s Polar Lights Joint Venture in the Russian Federation: A Successful International Startup Experience", International Oil and Gas Ventures: A Business Perspective, George E. Kronman, Don B. Felio, Thomas E. O’Connor, Mindy S. Kronman
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Polar Lights Company is a joint venture in the Ardalin field in Russia between Conoco and Russian partners Arkhangelskgeoldobycha and Ros-neft. The Ardalin field has produced 50 million barrels of oil since production began in 1994.
The Ardalin field, in northern Russia’s Timan Pechora Basin, is the largest of several oil fields in the Polar Lights joint venture area. It is located in the Arctic tundra, approximately 1000 miles (1609 km) northeast of Moscow. The field’s current production is about 36,000 barrels per day from 11 wells.
Polar Lights was established in 1992, and was the first Russian-American joint venture company to develop a new oil field in Russia. Conoco holds a 50% interest in Polar Lights; Arkhangelskgeoldobycha holds a 30% interest; and Rosneft holds a 20% interest.
Polar Lights has been recognized for meeting strict standards in technology, as well as safety and environmental protection. It has received a significant award—the Lomonosov Award in Russia in 1994—as having the best application of advanced environmental technology in the sensitive polar conditions of the Arkhangelesk Oblast.
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International Oil and Gas Ventures: A Business Perspective
A “one-stop” business view on how to succeed in international exploration and production. Success in the international upstream arena requires more than the technical ability to find oil and gas. Relationships with governments and people, mutually beneficial contracts, workable strategies, and implementation plans are necessary to build strong, mutually beneficial, and profitable ventures. Key components that drive exploration and production in the global environment are examined. Specific topics include negotiating for success, contracts, the role of technology in international strategies, cross-cultural relationships, alliances, and international upstream financing. Authors from around the world, representing industry, governments, national oil companies, consultants, and academia, contributed their perspectives. Views are provided from both sides of the negotiating table, the corporate boardroom, the resident manager, the explorationist, the businessman, and the theoretician. Geoscientists, engineers, and negotiators, who are, or would like to be, involved in the global energy business will find this collection an important reference.