Parker Drilling And TNK To Create Joint Drilling Venture

The US company Parker Drilling and Russia's Tyumen Oil Company (TNK) have signed an agreement on establishing a joint venture for rendering drilling services in Russia. The TNK's press service reported that the joint venture will be aimed at improving the quality and effectiveness of TNK drilling operations, improving the safety of production and reducing costs of drilling work. Parker Drilling and TNK will start with upgrading equipment at 10 drilling derricks in January 2002. The head of Parker Drilling, Robert L. Parker, noted that this agreement is an excellent opportunity for enlarging international cooperation on the Russian market, which is still closed for the majority of foreign drilling enterprises. In his turn, TNK president Semyon Kukes stated that the joint venture with Parker Drilling will allow for putting into operation the latest western drilling technologies.