Russia’s third largest oil producer, Gazprom Neft, Thursday revealed three joint ventures to develop hydrocarbon projects in Russia, Kallanish Energy learns.
They were signed last week at the annual Saint-Petersburg International Economic Forum.
The company sealed a Sale and Purchase Agreement with Anglo-Dutch supermajor Shell for a 50% stake in Gazprom Neft’s subsidiary Meretoyakhaneftegaz, creating a JV to develop license blocks in the Yamalo-Nenets Autonomous Okrug in Siberia.
The deal will be finalized between late 2019-early 2020. The JV will hold rights on the Meretoyakhinskoye field, estimated to hold 1.1 billion tons of oil.
Gazprom Neft also established Arcticgas JV with Russian producer Novatek, to explore and develop hydrocarbon fields in the Arctic.
“Gazprom Neft has been our reliable partner for many years,” said Leonid Mikhelson, Novatek’s chairman, in a release. “Our experience of working together creates a solid base for expanding our mutually beneficial cooperation in the Arctic zone.”
The third JV was set up with Russian state-controlled company Zarubezhneft, in a 51%-49% split (Gazprom Neft maintains majority share), for exploration and production of hard-to-recover oil reserves, including unconventionals.
The asset portfolio will include the Salymsky-3 and Salymsky-5 license areas located in the Khanty-Mansi Autonomous Okrug, in the Urals. Operations in these blocks will begin this year.
This post appeared first on Kallanish Energy News.