Gazprom Neft to Form Joint Venture With Shell in Northwestern Russia
June 06 2019 - 10:14AM
Dow Jones News
By Oliver Griffin
Gazprom Neft (SIBN.MZ) on Thursday said it has signed an
agreement with Royal Dutch Shell PLC (RDSB.LN) to create a joint
venture for the development of license blocks in Yamal in
northwestern Russia.
The company said it and Shell have reached a sale and purchase
agreement for a 50% interest in the authorized share capital of
Meretoyakhaneftegaz, which currently holds licensing rights to the
Meretoyakhinskoye field.
Gazprom Neft said the deal is expected to be finalized in late
2019 to early 2020, once all the necessary approvals are
received.
Alexander Dyukov, chairman of Gazprom Neft's management board,
said his company will be investigating further opportunities for
implementing projects with Shell in future, including outside of
Russia.
Total reserves in place at fields to be owned by
Meretoyakhaneftegaz will stand at about 1.1 billion metric tons of
oil, Gazprom said.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 06, 2019 09:59 ET (13:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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