The new framework agreement, which concludes on December 31, 2015, defines pricing methodology and minimum work volumes (metres drilled) for exploration and production drilling in Russia.
EDC's services will be provided either on a general contractor basis (per metre basis) or day-rate basis depending on the complexity of drilling.
In addition, a management steering committee will be established comprising of members from LukOil and EDC. The committee will review all aspects related to drilling complex wells as defined by the new framework agreement.
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