Malaysian based oil and gas company EPC Oil and Gas Sdn Bhd, and Chennai based VTM Pvt. Ltd. Indian Multinational engaged in diversified activities have entered into a long term collaboration to operate 6 Greenfield Oil Blocks in Russia and setting up of Iron Ore Pelletization in Bellary, Karnataka.
The Memorandum of Understanding signed by Thana Balan P Jaganathan of EPC Oil and Gas and Saai of VTM Pvt. Ltd in the presence of D.K. Adhikesavalu, Ex Chairman, Tirumala Tirupathi Devasthanam. VTM has been appointed as only exclusive entity to represent EPC Oil and Gas, Malaysia.
Thana Balan P Jaganathan of EPC Oil and Gas said, “This collaboration will operate in the oil blocks Saratov region in Russia with their appointed drilling contractor. EPC Oil and Gas has been appointed by Q Lotus Holdings Incorporated, USA, to manage 6 blocks of greenfields oil concessions in Saratov revision.”
“This collaboration will authorize all aspects of the project, focusing on finance management and promoting a successful resource development for effective sharing of resources revenue.”
Thanabalan further said, “In addition to the joint venture, EPC Oil & Gas Sdn Bhd has agreed to fund VT Group USD 150 million to finance their Iron Ore Pellet Plant in Bellary, Karnataka.”
The Greenfield Oil Blocks in Saratov region in the Volga Ural, are among the prominent oil reserves that will cater to the world’s oil requirement in the future. Only 25% of the prospective oil bearing structures have been licensed and only 15 percent of the potential reserves have been open. This region has huge reserves of hydrocarbons and natural gas and/or condensates.
Seismic studies have been conducted and the total reserves in the 6 oil fields are estimated at 188.7Million Tonnes of oil reserves equivalent to 1.4 billion barrels with significant upside potential. The total possible reserves at market value is at US$ 140 billion.
EPC Oil & Gas Sdn Bhd incorporated 2000, is actively involved in the provision of industrial plant and services in the power generation, oil and gas, petrochemicals, refining and water treatment industries.