Benton Signs Deal for Siberian Oil Exploration

Benton Oil & Gas Co., an Oxnard energy concern, said it signed a letter of intent to explore an area of west Siberia that is not included in Benton’s existing joint venture with two Russian partners in the region.

Benton said the new exploration deal is with one of its joint venture partners, a Russian exploration and production organization. It expects exploratory work to begin later this year.

The company also said it will contribute about $7.5 million to the joint venture for the initial development of the North Gubkinskoye field in West Siberia, which is thought to contain reserves totaling 300 million barrels of oil. Production is expected to begin late this year, it said.