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Gazprom Neft and Repsol Expand Exploration Cluster in Khanty-Mansi Autonomous Okrug

Gasoil News - Published on Fri, 06 Dec 2019

Image Source: gazprom-neft.com/
Gazprom Neft and Repsol are developing a joint venture to conduct geological exploration at six license blocks in the Karabashsky zone of the Khanty-Mansi Autonomous Okrug. The joint venture will be established through Karabashsky-6 LLC, owned by Gazprom Neft, which holds geological prospecting licenses to six blocks in the south west of the Khanty-Mansi Autonomous Okrug. Repsol will acquire a 50.1-percent share in the company’s equity once both parties have fulfilled all conditions precedent under the contract, including securing corporate approvals. Under the terms of the Shareholders Agreement the joint venture will be managed by both parties, on an equal footing.

The joint venture will hold the rights to the Karabashsky 17, 18, 19, 25, 26 and 27 blocks, together covering a total area of approximately 1,600 square kilometres. All of these are located in the Kondinsky District of the Khanty-Mansi Autonomous Okrug, and all are marked by very limited levels of geological investigation. Promising assets adjoin these sites, licenses for which are held by other Gazprom Neft and Repsol joint ventures: Evrotek-Yugra and ASB Geo. Synergies with new territories will allow the partners to establish a major exploration and subsequently oil-production cluster in the Karabashsky zone of the Khanty-Mansi Autonomous Okrug.

Preparations for geological prospecting at six Karabashsky blocks were started in 2019, with 2D seismic works planned for 2020. The operator on this project is Evrotek-Yugra, which has a professional team with extensive skills and experience in geological prospecting works within the Karabashsky zone. Gazprom Neft acquired a 15.02-percent interest in Evrotek-Yugra, owned by Spain’s Repsol, in July 2017, with the right to increase its interest to 50-percent. The joint venture is undertaking geological prospecting works in the south-west of the Khanti-Mansi Autonomous Okrug.

Evrotek-Yugra holds hydrocarbon exploration and production licenses for the Karabashsky 1 and Karabashsky 2 blocks, as well as exploration licenses for a further five blocks including the Karabashsky 3, the Karabashsky 9, the Kileisky and the Sverdlovsky-4 blocks.

ASB Geo LLC is a Gazprom Neft—Repsol joint venture holding the exploration license for the Karabashsky 10 block in the Kondinsky District in the south-western part of the Khanty-Mansi Autonomous Okrug.

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Posted By : Rabi Wangkhem on Fri, 06 Dec 2019
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