Los Angeles Ca, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Los Angeles, CA – January 28, 2021
Black Rock Petroleum announces site inspection and due diligence review of two hydrocarbon exploration licenses in Far East Region of Sakhalin Island, Russian Federation.
Black Rock Petroleum Company (OTC:BKRP), a Nevada corporation. announced today that it has approved a site inspection and due diligence review of two vast onshore oil and gas fields on Sakhalin Island in the Russian Federation.
Philip Andrews, an experienced Russian oil and gas advisor and Managing Director of BKRP, will carry out and oversee the inspection and due diligence on the oil and gas exploration permits and will prepare an economic viability assessment of a drilling program to be undertaken on Sakhalin Island as part of a proposed joint venture with a local partner who is the license holder.
Sakhalin Island is in the Far East of Russia in the North Pacific Ocean. It is the country’s largest island and lies only 68 miles north of Japan. The island has a long history of oil and gas production dating back to 1940 and is home to the Sakhalin 2 Project, a huge offshore gas field that is now owned and operated by Sakhalin Energy.
Shareholders of Sakhalin Energy include:
- Gazprom Sakhalin Holdings B.V. (subsidiary of Gazprom) – 50% plus 1 share
- Shell Sakhalin Holdings B.V. (subsidiary of Royal Dutch Shell) – 27.5% minus 1 share
- Mitsui Sakhalin Holdings B.V. (subsidiary of Mitsui) - 12.5% Share
- Diamond Gas Sakhalin (subsidiary of Mitsubishi) 10%
Sakhalin 2 is one of the largest energy projects in the world, with tens of billions of dollars invested to date by major global companies including Shell Oil, Gazprom, Exxon-Mobile and Mitsui. Sakhalin Island still contains an abundance of oil and gas reserves to be produced in the future.
Mr. Andrews commented “We are excited to mobilize our resources for a potential entry into the Sakhalin Island's oil and gas sector. We see this as a way to rapidly grow Black Rock Petroleum by leveraging our extensive industry contacts internationally, consistent with our goal of growing Black Rock Petroleum into a significant international oil company via acquisitions and joint ventures. We believe that acquiring oil fields in the prolific oil and gas producing region of Sakhalin islands will provide us with a significant competitive advantage moving forward, particularly in light of President Biden's newly signed executive order signed placing one-year moratoriums on issuing new oil leases on public lands in the USA and on the permitting process for drilling new oil wells on US Federal lands. The Biden administration’s policies will result in future restrictions on these lands being made available for oil field leases, which in turn will make foreign oil field projects more attractive to US oil and gas companies who will be driven to foreign opportunities that are not impeded by excessive regulation and that welcome American oil industry expertise and investment.
For additional information visit: www.blackrockdrilling.com
Safe Harbor Statement: This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934; and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and as such are by definition subject to risks and uncertainties.
Contact:
Zoltan Nagy, CEO
Zoltan@starflick.com
Source: Black Rock Petroleum Co.
Authorized by Zoltan Nagy, CEO