Wolgodeminoil A Long-Standing Partnership
Wolgodeminoil is the longest-standing joint venture for hydrocarbon production between a Russian and a Western European partner.
Wolgodeminoil is the longest-standing joint venture for hydrocarbon production between a Russian and a Western European partner. For nearly 30 years Wintershall Dea and RITEK, a subsidiary of LUKOIL, one of Russia’s largest oil producers, were engaged in a constructive and trustful cooperation. In May 2021, Wintershall Dea transferred its 50 per cent stake to its partner RITEK. Wolgodeminoil operates in the Volgograd and Saratov regions.
In 1992, Wolgodeminoil was the only joint venture in Russia that was established without having confirmed oil reserves and which only began to explore for oil after its foundation. In the vast expanses of southern Russia, however, the partners quickly found what they were looking for. Despite all the difficulties, Wolgodeminoil succeeded in establishing successful production. In March 2021, the company produced the eleven millionth tonne of oil.
Wolgodeminoil is rightly proud in achieving international environmental and energy standards. The joint venture has a certified integrated occupational health and safety management system based on the ISO 14001 and OHSAS 18001 international standards. There is no gas flaring. Associated gas is collected, processed in plants belonging to the partner RITEK, and then fed into the pipeline grid. Part of the associated gas is processed in Wolgodeminoil’s own plants and used for generating electricity.