Gazprom Neft and Shell have agreed to form a joint venture (JV) to assess and develop a major hydrocarbon cluster on the Gydan peninsula.
The JV will leverage the capabilities of the two companies to carry out exploration and development work on the Leskinsky and Pukhutsyayakhsky licence blocks.
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Situated in the Taymyr district of the Krasnoyarsk Krai, the Leskinsky licence block encompasses an area of more than 3,000km². It is expected to host around 100 million tonnes of oil equivalent.
The 800km² Pukhutsyayakhsky block is located in the Tazovsky district of the Yamal-Nenets Autonomous Okrug. It is estimated to contain 35 million tonnes of oil equivalent.
A 2D seismic survey has already been completed on both blocks. The first prospecting well is expected to be drilled in the Leskinsky area by the end of this year.
Data procured from this drilling programme will be used to devise a future project development plan.
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By GlobalDataGazprom Neft Exploration and Production deputy CEO Vadim Yakovlev said: “Exploration of the Gydan blocks is among Gazprom Neft’s strategic objectives, so changes in the market conditions have not affected our plans.
“In case of geological success, a new large hydrocarbon province will appear on the peninsula.
“It is also important for us that we continue the project together with our longstanding partner Shell, with whom we will combine experience and technological expertise to study Gydan and prepare for the development of these new territories.”
The companies will have an equal stake in the JV. The transaction is expected to close this year, subject to necessary corporate and regulatory approvals.
