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Gazprom Neft Establishes An Upstream JV With Zarubezhneft

Gasoil News - Published on Tue, 11 Jun 2019

Image Source: gazprom-neft.com
Gazprom Neft and Zarubezhneft have used this year’s St Petersburg International Economic Forum to sign an agreement on establishing a JV for the exploration, development and production of hard-to-recover oil reserves, including unconventional hydrocarbons. The document was endorsed by Mr Vadim Yakovlev, First Deputy CEO, Gazprom Neft, and Mr Sergei Kudryashov, General Director, Zarubezhneft. Once the transaction closes Gazprom Neft will hold a 51-percent interest in the joint venture, and Zarubezhneft 49 percent. The joint venture’s asset portfolio will include the Salymsky-3 and Salymsky-5 license blocks located in the Khanty-Mansi Autonomous Okrug.

A programme of geological exploration works by the new joint venture is expected to run to 2023. Almost 700 square kilometres of 3D seismic works, as well as the drilling of the first exploratory well, are planned at the Salymsky-3 and Salymsky-5 blocks as early as 2019. The partners are hoping to clarify the geological characteristics and potential resources at these assets. Available information suggests that these reserves are likely to fall into the “hard-to-recover” category, and are likely to include unconventional hydrocarbon reserves. Gazprom Neft’s advanced skills and competencies, gained through its production of Bazhenov oil, together with Zarubezhneft’s extensive experience in developing carbonate reserves on international offshore projects will be a distinct advantage to the joint venture in developing these challenging assets.

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Posted By : Rabi Wangkhem on Tue, 11 Jun 2019
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