PJSC Gazprom Neft and Shell create a joint venture to operate in the Yamalo-Nenets Autonomous Okrug

16.10.2019       

Gazprom Neft PJSC and the Anglo-Dutch company Shell filed an application with the Federal Antimonopoly Service (FAS) to create a joint venture Meretoyakhaneftegaz. In June 2018 between Gazprom Neft and and Shell signed an agreement on the sale and purchase of a 50% stake in the authorized capital of Meretoyakhaneftegaz; and the creation on its basis of a joint venture for the development of licensed areas in the Yamalo-Nenets Autonomous Okrug. The transaction is expected to close in late 2019/early 2020. The joint company will be managed on a parity basis.
JSC "Meretoyakhaneftegaz" owns a license for the Meretoyakhinskoye field. By the time the transaction is closed, the joint venture's asset portfolio will also include licenses for several blocks of varying degrees of development: Tazovsky, Severo-Samburgsky and two Zapadno-Yubileiny blocks in the YaNAO. The geological reserves of the fields that will be included in the perimeter of Meretoyakhaneftegaz amount to about 1.1 billion tons of oil.

Reference
Gazprom Neft and Shell have many years of experience in cooperation in various business areas. One of the largest projects of the parties is a joint venture in the field of production and exploration — "Salym Petroleum Development". Which since 2003 has been developing the Salym group of oil fields (includes West Salym,