Gazprom Group and LUKOIL creating venture to develop major oil-and-gas cluster in YaNAA

Gazprom Group and LUKOIL creating venture to develop major oil-and-gas cluster in YaNAA

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, Alexander Dyukov, Director General of Gazprom Neft, and Vagit Alekperov, President of LUKOIL, happened today in St. Petersburg.

The parties discussed the state and prospects of strategic interaction between the Gazprom Group and LUKOIL aimed toward , inter alia, implementing joint projects for the exploration, production, transportation and processing of hydrocarbon feedstock.

As a part of the meeting, Alexander Dyukov and Vagit Alekperov signed an agreement to make a venture (JV) for the event of a serious oil-and-gas cluster within the Nadym-Pur-Taz region of the Yamal-Nenets Autonomous Area.

At signing ceremony
At signing ceremony

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The JV is being found out via Meretoyakhaneftegaz, a subsidiary of Gazprom Neft. The new production center will have at its core the Tazovskoye field, which was put into production in June 2021. additionally , the JV’s activities will cover the event of the Severo-Samburgskoye and Meretoyakhinskoye fields, also as two Zapadno-Yubileyny licensed blocks. the mixture geological reserves of the new cluster amount to quite 1 billion plenty of oil and about 500 billion cubic meters of gas.

Vagit Alekperov, Alexey Miller and Alexander Dyukov
Vagit Alekperov, Alexey Miller and Alexander Dyukov

Enlarged photo (JPG, 4.5 MB)
Meretoyakhaneftegaz is that the first asset to be managed by Gazprom Neft and LUKOIL on a parity basis. a substantial a part of the company’s geological reserves is found within the Achimov sequence and belongs to the hard-to-recover category.

Over subsequent few months, the parties decide to prepare detailed binding documentation concerning the establishment of the JV, also as obtain the requisite corporate and regulatory permits.

Furthermore, the 2 companies will still explore additional opportunities for expanding their cooperation on variety of promising projects in their regions of activity across Russia.

“Our task is to effectively bring into development the hydrocarbon reserves with complex geology that are located beyond the Arctic Circle . The joint efforts of the 2 companies will allow us to deploy the simplest technological solutions there. It should even be noted that the creation of the JV is facilitating further advancement of the strategic partnership between the Gazprom Group and LUKOIL,” said Alexey Miller.

“Development of the fields that are covered by our venture with LUKOIL is a crucial task at the extent of the whole industry. within the venture , with our financial and technological resources united, we’ll work on the event of hard-to-recover reserves, including the assembly of oil from the Achimov sequence. In its turn, this may create new jobs and generate additional tax payments to budgets of all levels, and can also facilitate further technological development of our companies and therefore the entire ecosystem of contractors and equipment manufacturers,” said Alexander Dyukov.

“Projects in Russia have always been and remain the highest priority for LUKOIL, and that we see an enormous potential for this. the corporate is curious about increasing the amounts of investments both in hydrocarbon production and processing in our country. We actively develop new fields in Western Siberia, the Timano-Pechorskaya oil & gas province, the Caspian , the Baltic , and other Russian regions, and continue implementing targeted projects for advanced processing of oil at Russian refineries. Gazprom and Gazprom Neft are our strategic partners for several years, and in cooperation with them we are ready to compile the simplest domestic technologies for the event of a replacement large-scale hydrocarbon production cluster during a region that’s of key importance to us, i.e. within the Yamal-Nenets Autonomous Area. the event of the cluster will bring additional production of hydrocarbons along side tax revenues for the budget of Russia, a multiplicative effect for related industries,” said Vagit Alekperov.