News on NDOL
Nord Oil / the North-West Oil Group to Create a Joint-Venture With Oil India, India's Leading Oil and Gas State Enterprise
Tuesday May 23, 9:00 am ET
MONTREAL--(MARKET WIRE)--May 23, 2006 -- Nord Oil / The North-West Oil Group (Other OTC:NDOL.PK - News) and its president Mr. Ernest Malyshev are pleased to announce today that they are finalizing negotiations with Oil India, a leading oil and gas state enterprise for the creation of a joint venture to develop the Russian Oil market.
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The Russian Oil Market constitutes approximately 49 billion barrels of proven oil reserves (4.8% of world's reserves) ranking six in the world. At the moment about 2,000 oil and gas deposits have been discovered in the territory of 36 out of 89 Russian subjects. Hydrocarbon material is produced in 30 out of those 36.
The maintaining of production rate requires state and private investments both in the upgrading of oil production and improvement of infrastructure and the newly formed joint venture will actively participate in such endeavors.
The company expects to timely release further details on the joint venture and its marketing plans, initial contracts and agreements.
About Oil India
Oil India Limited (OIL) is a premier Indian National oil company under the administrative control of Ministry of Petroleum and Natural Gas, Govt. of India. OIL is engaged in the business of Exploration, Development and Production of Crude Oil and Natural Gas, Transportation of Crude Oil and Production of LPG. The Company has over 1 lakh sq. km. of license areas. OIL's exploratory efforts has led to discovery of 85 oil & gas fields with total established in-place reserves of 842 MMT of oil & oil equivalent of gas as on 01.04.2002.
The Company presently produces over 3.2 MMTPA of crude oil, over 5 MMSCMD of Natural Gas and over 50,000 Tonnes of LPG annually. Most of this emanates from its traditionally rich oil and gas fields concentrated in the North-Eastern part of India and contributes to over 65% of total oil+gas produced in the region. The search for newer avenues has seen OIL spreading out its operations in onshore / offshore Orissa and Andaman, deserts of Rajasthan, plains of Uttar Pradesh, riverbeds of Brahmaputra and offshore Saurashtra. In Rajasthan, OIL discovered gas in 1988, heavy oil / bitumen in 1991 and started production of gas in 1996.
About Nord Oil / the North-West Oil Group
Nord Oil International Inc. is a reporting publicly traded Oil & Gas company trading under the ticker symbol NDOL on the US Pinksheets market as well as on the Frankfurt Exchange under symbol CXIA. Nord Oil International and the North-West Oil Group merged on May 11, 2006. The company is in the process of filing all regulatory statements and will change its name to the North-West Oil Group and will be issued a new ticker symbol. The company presently produces over 120,000 Metric Tons of crude oil yearly.
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