Gazprom Neft and Shell have signed an agreement at St Petersburg International Economic Forum to create a joint venture (JV) for the development of licence blocks in the Yamalo-Nenets Autonomous Okrug.
The two companies signed legal documentation on the purchase and sale of a 50% stake in Meretoyahaneftegaz, creating a JV on that basis.
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Gazprom Neft management board chairman Alexander Dyukov said: “This agreement marks the logical continuation of our successful collaboration with Shell on a number of ongoing projects.
“We see in Shell a reliable partner, with whom we are willing to combine professional skills, as well as sharing financial and technical resources, in developing major projects.
“As part of this new agreement we will be able to reveal the full potential of what is a major hydrocarbon cluster in Yamal, viably and efficiently. We will be investigating further opportunities for implementing projects with Shell in the future, including projects outside of Russia.”
Meretoyakhaneftegaz owns a licence for the Meretoyakhinskoye field. The JV’s asset portfolio will also include licence for several sites including the Tazovsky and Severo-Sambrugsky, as well as two Zapadno-Yubileiny blocks in Yamal following the close of the transaction.
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By GlobalDataThe geological reserves of these fields, all owned by Meretoyakhaneftegaz, amount to about 1.1 billion tonnes of oil.
Shell CEO Ben van Beurden said: “Our Salym Petroleum Development joint venture is an example of how we can create a very efficient, innovative and responsible oil producer by combining our strengths.”
Expected to close late this year or early 2020, the deal is subject to necessary corporate and regulatory approvals.
The combined company will be managed by the partners on a parity basis, subject to the shareholders’ agreement.
