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Gazprom Neft, Repsol & Shell Sign MOU On The Gydan Peninsula

Gasoil News - Published on Wed, 12 Jun 2019

Image Source: gazprom-neft.com
Gazprom Neft, Repsol and Shell have signed a MOU at this year’s St Petersburg International Economic Forum on establishing a joint venture to develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula. The document was signed by Mr Vadim Yakovlev, First Deputy CEO, Gazprom Neft, Mr Tomás García Blanco, E&P Executive Managing Director, Repsol, and Cederic Cremers, Shell Country Chair, Russia. Under this memorandum the parties plan to have detailed terms in place by the end of 2019, as well as singing an agreement on establishing the JV. The deal is expected to be closed in 2020 once all necessary corporate and regulatory approvals have been obtained, and all legal preconditions met. The licenses to the Leskinsky and Pukhutsyayakhsky blocks on the Gydan Peninsula will be added to the company’s asset portfolio. Gazprom Neft will have a 50-percent interest in the joint venture once the transaction has closed, with Repsol and Shell each holding 25%.

Establishing this JV is intended to bring all parties’ resources and skills together in developing an under-researched exploration cluster in the north-east of the Gydan Peninsula. The Leskinsky license block is located in the Taymyrsky district of the Krasnoyarsky Krai, and covers an area of 3,027 square kilometres. Official estimates put D2 recoverable oil reserves at 100 million tonnes of oil equivalent.

Adjoining the Leskinsky block, the Pukhutsyayakhsky block, which covers an area of 825 square kilometers, is located in the Tazovsky district of the Yamal-Nenets Autonomous Okrug. According to official estimates, recoverable D1 and D2 oil reserves stand at 35 mtoe.

Meanwhile, both blocks are under-explored and located in considerable distance from oil-and-gas and transport infrastructure.

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Posted By : Rabi Wangkhem on Wed, 12 Jun 2019
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