ARC lands contract with Russian oil giant

The Alberta Research Council (ARC) has been awarded a $700,000 contract to evaluate its steam-assisted gravity drainage oil production technology for LUKOIL-Komi, a subsidiary of Russian oil company LUKOIL. The contract will examine the use of the heavy oil technology on the Timan Pechora Basin in northern Russia, considered one of LUKOIL’s most promising reserves. Under the contract, ARC will study core samples and conduct numerical reservoir simulations. LUKOIL is the world’s 6th largest oil producer and 2nd largest holder of oil reserves....