Gazprom Group and Lukoil signed an agreement to create a joint venture (JV) for the development of a major oil-and-gas cluster in the Nadym-Pur-Taz region of the Yamal-Nenets Autonomous Area.
The JV is being set up via Meretoyakhaneftegaz, a subsidiary of Gazprom Neft. The new production center will have at its core the Tazovskoye field, which was put into production in June 2021. In addition, the JV’s activities will cover the development of the Severo-Samburgskoye and Meretoyakhinskoye fields, as well as two Zapadno-Yubileyny licensed blocks. The aggregate geological reserves of the new cluster amount to more than 1 billion tons of oil and about 500 billion cubic meters of gas.
Meretoyakhaneftegaz is the first asset to be managed by Gazprom Neft and LUKOIL on a parity basis. A considerable part of the company’s geological reserves is located in the Achimov sequence and belongs to the hard-to-recover category.
Furthermore, the two companies will continue to explore additional opportunities for expanding their cooperation on a number of promising projects in their regions of activity across Russia.
“Our task is to effectively bring into development the hydrocarbon reserves with complex geology that are located beyond the Arctic Circle. The joint efforts of the two companies will allow us to deploy the best technological solutions there. It should also be noted that the creation of the JV is facilitating further advancement of the strategic partnership between the Gazprom Group and LUKOIL,” said Alexey Miller, CEO of Gazprom Group.
The Tazovskoye oil, gas and condensate field is located in the Yamal-Nenets Autonomous Area, 525 kilometers away from Salekhard. The field’s geological reserves – 419 million tons of oil and 225 billion cubic meters of gas – make it one of the largest in Western Siberia. Its peak annual production volume will amount to 1.7 million tons of oil and 8 billion cubic meters of gas.
(Source: Gazprom – Well test near Tazovsky/Rene B/energy global news)