Gazprom Neft and LUKOIL to create a joint venture for developing large oil and gas cluster in Yamal
Gazprom Neft and LUKOIL are to set up a joint venture for development of a large oil & gas cluster in the Nadym-Pur-Taz region of Yamalo-Nenets Autonomous District. The agreement was signed by Alexander Dyukov, Chairman of the Management Committee of PJSC Gazprom Neft, and Vagit Alekperov, President of PJSC LUKOIL, in the presence of Alexey Miller, Chairman of the Management Committee of PJSC Gazprom.
The venture will be created on the basis of Meretoyakhaneftegaz, a subsidiary of Gazprom Neft. The core of the new production center will be the Tazovskoye oil and gas condensate field that has been put into operation this June. In addition, the joint venture will develop the Severo-Samburgskoye and Meretoyakhinskoye fields and two Zapadno-Yubileiny license areas. Total geological reserves of the new cluster contain than 1 billion tons of oil and about 500 billion m3 of gas.
"Meretoyakhaneftegaz is the first asset that Gazprom Neft and LUKOIL will manage on a parity basis. A significant part of the company's geological reserves is located in the Achimov formation and is classified as hard-to-recover reserves.
The Tazovskoye field, commissioned with the participation of Russian Deputy Prime Minister Alexander Novak in 2021, was the first oil and gas production field in Russia whose infrastructure was created under severe constraints related to the COVID-19 pandemic. The rest of the asset is still undergoing additional exploration and pilot work, the results of which will form the development strategy for the cluster.
Over the next few months, the parties plan to prepare detailed binding documentation for the joint venture, as well as obtain the appropriate corporate and regulatory approvals.
In addition, the companies will continue to explore additional opportunities to expand cooperation on a number of promising projects in regions of operation in Russia.