Gazprom Neft and Repsol form Russian JV

Article by Helen Tunnicliffe

RUSSIAN oil firm Gazprom Neft has formed a joint venture with Spain’s Repsol, taking a 25.02% stake in Repsol’s Moscow-based subsidiary Evrotek-Yugra.

Evrotek-Yugra holds seven exploration licences in the Khanty-Mansiysk Autonomous Okrug in Siberia – exploration and production rights for the Karabashsky 1 and Karabashsky 2 blocks and geological prospecting rights in the Karabashsky 3, Karabashsky 9, Karabashsky 78, Karabashsky 79 and Kileysky blocks. The Ouryinskoye field as a whole, in which the blocks sit, is thought to contain recoverable reserves of 33.8m t of oil.

The Gazprom Neft and Repsol joint venture will jointly manage Evrotek-Yugra and will continue geological prospecting works in the Kondinsky area in the south-west of Khanty-Mansiysk Autonomous Okrug. Gazprom Neft has the option to acquire 50% of Evrotek-Yugra in the future.

“Creating this joint venture with Repsol gives Gazprom Neft the opportunity to start work on a promising development cluster in the south-west of the Khanty-Mansiysk Autonomous Okrug, our key region of operation. Alongside strategically expanding our resource base, we also have the opportunity to share our geological prospecting skills and know-how with one of the largest oil companies in Europe. Our combined geological exploration expertise will ensure the planned works will be executed with the maximum efficiency,” said Gazprom Neft CEO and chairman Alexander Dyukov.

The financial details of the deal were not revealed.

Article by Helen Tunnicliffe

Senior reporter, The Chemical Engineer

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