The JV will be created through Gazprom Neft subsidiary Meretoyakhaneftegaz, with the new production cluster being centred around the Tazovskoye oil and gas condensate field, brought into production by Gazprom Neft in June this year. The new JV’s activities will also include developing the Severo-Samburgskoye and Meretoyakhinskoye fields, as well as two Zapadno-Yubileiny licence blocks. Total reserves initially in place at this new cluster stand at more than 1 billion t of oil and around 500 billion m3 of gas.
Meretoyakhaneftegaz is the first asset to be managed by Gazprom Neft and Lukoil on a parity (50:50) basis. A considerable proportion of reserves initially in place lie within the Achimov Formation, and are categorised as hard-to-recover reserves.
The Tazovskoye field, commissioned by Deputy Prime Minister of the Russian Federation Alexander Novak in 2021, was the oil and gas field in Russia to have infrastructure installed under the severe constraints arising from the COVID-19 pandemic. Additional appraisal remains ongoing at the remaining blocks at this asset, on which basis the development strategy for the cluster will be put in place.
The parties plan to prepare detailed binding documentation on establishing the JV, and to secure all necessary corporate and regulatory approvals, over the next few months.
Concurrently with this the companies will continue investigating further opportunities for expanding their collaboration on a range of projects throughout Russia in those locations in which they operate.
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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/17092021/gazprom-neft-lukoil-jv-to-develop-oil-and-gas-cluster-in-yamal-nenets-region/