Benton Oil May Form Venture With Soviets

Benton Oil & Gas Co. in Ventura said it might form a joint venture with Soviet authorities to explore and develop oil and natural gas reserves from two fields in West Siberia, about 1,500 miles northeast of Moscow.

The move triggered a rally in Benton’s stock, which closed Monday at $21 a share in over-the-counter trading. The stock had jumped $4.25 a share, to $20.75, immediately following Benton’s announcement last Thursday.

Benton said a local government body that regulates energy development in the Russian territory will make technical and economic feasibility surveys of the area for the next couple of months. Those surveys and Benton’s analysis of the area will determine whether the parties form a joint venture to develop the project, Benton said.

Existing fields in West Siberia “are believed to be producing the majority of the USSR’s oil and natural gas now,” Benton Oil President Alex Benton said in a statement.