“Gazprom Neft” and Shell will create the venture for development of extractive fields in Yamal
14:54 7 июня 2019
Категории: News in English
At the Saint Petersburg International Economic Forum the companies “Gazprom Neft” and Shell concluded the agreement on creation of the joint venture for development of license areas in Yamal-Nenets Autonomous Okrug.
“Gazprom Neft” and Shell signed the juridical documentation on sale and purchase of a 50% share in the authorized capital of “Meretoyakhaneftegaz” and establishment of the joint venture on its basis. It is scheduled to complete the transaction in late 2019 — early 2020 after obtaining of necessary corporate and regulatory approvals and meeting of suspensive conditions. In accordance with the shareholder agreement, management of the company will be fulfilled by the partners on the parity basis, as the press service of “Gazprom Neft” reports.
“Meretoyakhaneftegaz” owns the license for Meretoyakhinskoye field. By the time the transaction is completed the asset portfolio of the joint venture will also include licenses for several areas of different degrees of development: Tazovskoye, the North-Samburgskoye and two West-Yubileynoye areas in Yamal-Nenets Autonomous Okrug. Geological reserves of the fields, which will be included in the perimeter of Meretoyakhaneftegaz, make about 1 milliard 100 million tonnes of oil.
“The agreement is the logical continuation of our successful cooperation with Shell within existing joint projects. We see Shell as a reliable partner with that “Gazprom Neft” is ready to combine professional competences, financial and technological resources for fulfillment of major projects. Within the new joint venture we shall be able effectively to open potential of the large hydrocarbon cluster in Yamal. In the future we shall study new opportunities for fulfillment of projects with Shell, including outside Russia”, said Alexander Dyukov, the chairman of the board of “Gazprom Neft”.
According to CEO of Shell Ben van Beurden, this is one more significant milestone in development of partnership of Shell and “Gazprom Neft”. In recent years the sides have built trustful and fruitful relationship. Their joint venture “Salym Petroleum Development” became an excellent example of creation of a very effective, innovative and responsible oil-extracting company on the basis of combining of their forces. As he notes, this success story gives him confidence that their new joint venture will also be very successful.