U.S. oil major Chevron (CVX) and OAO Tatneft (TATN.RS), Russia's sixth-largest oil producer by volume, are in talks on developing heavy-oil projects in Russia's Tatarstan region, the two companies said Tuesday.
In September Tatneft choose Royal Dutch Shell PLC (RDSA.LN) over Chevron by signing a strategic partnership agreement with Royal Dutch Shell on the development of heavy-oil fields in the Tatarstan region.
Heavy oil reserves - or bitumen, a mixture of sand or clay, water and extremely heavy crude oil - in Tatarstan are estimated at 7 billion metric tons. Analysts estimate there are up to 450 identified bituminous deposits in the republic. A third of them are in areas where Tatneft already operates. Many of the deposits are shallow, located 80 meters to 200 meters beneath the surface.