Gazprom Neft establishes JV with Repsol in Khanty-Mansiysk Autonomous Okrug
MOSCOW -- Gazprom Neft PJSC has acquired a 25.02% stake (with the right to increase this to 50%) in Evrotek-Yugra. Evrotek-Yugra, owned by Spain’s Repsol, holds exploration and production rights to seven license blocks in the Khanty-Mansiysk Autonomous Okrug. This joint enterprise will continue geological prospecting works in the Kondinsky district (located in the south—west of the Khanty-Mansiysk Autonomous Okrug), where all of the acquired license blocks are located. Gazprom Neft PJSC and Repsol will be jointly managing Evrotek-Yugra, on a parity basis.
Seismic investigations have been undertaken at all license blocks belonging to Evrotek-Yugra, with nine exploration wells drilled between 2013 and 2016. The Ouryinskoye field—with recoverable (C1+C2) reserves of 33.8 million tonnes of oil—was discovered at the Karabashsky 1 and Karabashsky 2 fields in 2013.
A final decision on investment in the development of the Ouryinskoye field will be taken at the end of 2019, following completion of the geological prospecting program.
Alexander Dyukov, Gazprom Neft PJSC CEO and chairman of the management board, commented: “Creating this joint venture with Repsol gives Gazprom Neft the opportunity to start work on a promising development cluster in the south—west of the Khanty-Mansiysk Autonomous Okrug, our key region of operation. Alongside strategically expanding our resource base, we also have the opportunity to share our geological prospecting skills and know-how with one of the largest oil companies in Europe. Our combined geological exploration expertise will ensure the planned works will be executed with the maximum efficiency.”
