LONDON (Alliance News) - RusPetro PLC Monday said it has signed a technical partnership with Schlumberger to advance its field development plan and drill a number of hydraulic fracturing sites.
The oil-and-gas development company with operations in western Siberia said the deal covers a subsurface review and field development plan, design and implementation of horizontal hydraulic fracturing systems and Bazhenov shale delineation to assess the levels of gas in the company's wells.
The company said it wants to test multi-stage fracture systems and horizontal wells to see if fracking in Russia can better refine and resolve its geological model.
Schlumberger's remuneration will be directly linked to production results.
RusPetro shares were down 3.60 pence, or 12%, to 27.40 pence in early trading Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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