2019-06-07 11:40:00
GAZPROM NEFT, SHELL IN SIBERIA
PLATTS - Russia's Gazprom Neft said Thursday it and Shell have agreed to create a joint venture to develop fields in West Siberia with combined estimated reserves of 1.1 billion mt of oil.
The agreement was signed on the sidelines of the St. Petersburg International Economic Forum, one of the key events for Western investors to sign deals with Russian companies.
In recent years, Western sanctions against Russia have dampened investor sentiment and raised risks associated with investing in Russian oil and gas projects.
The agreement covers sale of a 50% stake in Meretoyakhaneftegaz and establishing a joint venture. The companies plan to close the deal by early 2020 after receiving all the necessary corporate and regulatory approvals.
Meretoyakhaneftegaz holds a license to develop the Meretoyakhinskoye field. Other fields -? Tazovsky, North Samburgskoye and two West Yubileynoye blocks -- will be combined into the joint venture, Gazprom Neft said.
Gazprom Neft CEO Alexander Dyukov said the deal was a logical continuation of the companies' cooperation.
"We see Shell as a reliable partner, with which Gazprom Neft is ready to combine professional competencies, financial and technological resources to develop large projects," Dyukov said, according to a company statement.
"In future, we will study new opportunities to develop projects with Shell, including outside Russia."
Gazprom Neft and Shell already work together on another project in West Siberia Salym Petroleum.
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2019, March, 22, 10:30:00
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2019, February, 1, 10:45:00
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