GAZPROM NEFT AND ZARUBEZHNEFT TO DEVELOP TIGHT OIL RESERVES IN SALYMSKY BLOCKS
Gazprom Neft and Zarubezhneft have closed a transaction establishing a joint venture to develop Salymsky license blocks in the Khanty-Mansi Autonomous Okrug. This joint venture will provide a platform for developing and testing hard-to-recover oil-production technologies.
The joint venture’s asset portfolio will include the Salymsky-3 and Salymsky-5 license blocks in the Khanty-Mansi Autonomous Okrug-Yugra. Gazprom Neft will have a 51% interest in the joint venture, and Zarubezhneft 49%. Both partners will be bringing their resources and skills to bear in developing hydrocarbon reserves at these Salymsky license blocks, and in developing new approaches to and innovative solutions for working with hard-to-recover oil.
So far, 3D seismic works have been undertaken at the Salymsky-3 and Salymsky-5 licnese blocks, the first exploration and appraisal well drilled, and a 15-stage fracking operation completed. Geological prospecting works are expected to start at the adjacent Salymsky-5 block by the end of 2020. Preliminary prognoses suggest initial reserves in place at both blocks comprise more than 500 million tonnes of oil.
Gazprom Neft and Zarubezhneft have agreed a programme of geological prospecting works to 2024. Total investment in geological investigations at both assets could reach RUB5 billion. Depending on the outcomes of geological prospecting works, commercial production at Salymsky-block hard-to-recover reserves could start as soon as 2025.
JSC Zarubezhneft is a Russian state-controlled oil company based in Moscow that specializes in exploration, development and operation of oil and gas fields outside Russian territory.
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