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Tuymaada-Neft signed a Memorandum with the Singaporean company «Asian Oil & Gas»

July 19, following the meeting of the Head of Yakutia, Egor Borisov with representatives of the Singaporean company «Asian Oil & Gas Pte Ltd.» – Chairman of the Board, Phil Mulasek and Vice President of the company, Mark Winson – signed a Memorandum of Understanding on the project «Geological study and industrial development of the West Anabar license area». The document was signed between the Singapore company and «Tuymaada-Neft» JSC.

«Asian Oil & Gas» is one of the world’s leading companies in the oil and gas sector in the field of development, development and production of oil and natural gas fields. The company implements medium-large oil and gas projects in the markets of Asia and Africa.

Egor Borisov noted two factors. Firstly, the growing demand for hydrocarbons in the world. Secondly, the construction of the Eastern Siberia – Pacific Ocean trunk pipeline and the Power of Siberia gas pipeline, intended for the supply of oil and natural gas from Yakutia, including to the countries of the Asia-Pacific region. He noted that the republic has the largest oil and gas fields. Already today, 11 oil and gas provinces operate in Yakutia, in which the large Russian companies Rosneft, Surgutneftegaz, Gazprom and others operate.

«The volume of explored minerals of Yakutia is estimated at 3.5 trillion. dollars», – said Borisov. «Meanwhile, only 10% of the territory of the region was investigated. Recently, the northern territories have become promising for oil production, including areas in the Lena-Anabar trough of the Siberian platform, which includes the West-Anabar license area», – said the Head of the Republic. Many investors are interested in a field with large reserves of oil and gas. Taking into account the location of the site on the coast of the Laptev Sea, oil can be transported not only via the East Siberia – Pacific Ocean pipeline, but also along the Northern Sea Route to Europe and the Asia-Pacific countries.

The head of the company, Phil Moulasek is an engineer. In 1981, he became the founder and president of the Petroleum Independent Exploration Corporation (PIECorp), drilling and operating more than 90 wells in the United States. In 1997, Phil founded the company Inter Oil Corporation, which with a financial potential of $ 5 billion was listed on the New York Stock Exchange. In 2014, he created a new company – «Asian Oil & Gas Pte Ltd.» and is active in Papua New Guinea. «We implement our projects from the very beginning to their completion, we open new places for oil production. We do everything ourselves: we build oil refineries, infrastructure, roads, we operate service stations. To work actively attract local people. We are very proud that for several years of the company’s operation there has not been a single case of industrial injuries to the personnel», – said Mr. Mulasek and noted the successful experience in the northern territories – in Alaska.

According to him, it is very important for the company to effectively use the resources and experience of the team for the rational, safe and quick implementation of the set complex tasks. Today «Asian Oil & Gas» is an expert in horizontal drilling and re-opening of wells. Phil Moulasek announced the company’s intention to work in the long term.

The Minister of Investment Development and Entrepreneurship of the RS (Y), Anton Safronov said that he had been acquainted with Phil Mulasek and Mark Winson since 2014, since his work at TOTAL in Papua New Guinea. During the meeting in Singapore in the spring, the minister presented a project for geological study and industrial development of the West Anabar license area, which interested Singaporean partners. Safronov gave a number of examples characterizing the potential of the company and its management. Thus, during the years of work at InterOil the company developed the Elk-Antelop gas field with reserves of about 285 billion cubic meters of natural gas.

With information about promising areas of cooperation between «Tuymaada-Neft» JSC and «Asian Oil & Gas Pte Ltd.» a speech was made by Stepan Chepalov, CEO of Tuymaada-Neft.

After that the chairman of the board of «Asian Oil & Gas Pte Ltd.» Phil Mulasek and the general director of «Tuymaada-Neft» JSC Stepan Chepalov based on the principles of mutually beneficial cooperation signed a Memorandum of Understanding on the project «Geological study and industrial development of the West Anabar license area».

According to the document the parties will consider the possibility of joint geological study and industrial development of the West Anabarsky subsoil section. The companies intend to provide each other with all types of organizational assistance, exchange necessary information and participate in joint projects in accordance with the norms of international law and current legislation.

Summing up, Egor Borisov wished the imminent implementation of a joint Russian-Singaporean project which would undoubtedly contribute to the development of the republic’s oil and gas sector.