Lukoil and Gazprom create Russian E&P joint venture

Lukoil and Gazprom create Russian E&P joint venture

MOSCOW, December 29, 2021 – Lukoil has signed an agreement with state-owned Gazprom Neft to sell 50% equity of its subsidiary Meretoyakhaneftegaz to develop an oil and gas cluster next to the Kara Sea, the private Russian E&P player announced today.

The USD 706-million transaction includes agreed upon exploration activities in the Nadym-Pur-Tazovsky area of the Yamal-Nenets Autonomous District worth USD 121 million financed by Lukoil.

 

The deal is expected to be finalised in 2022.

Meretoyakhaneftegaz plans to develop the Tazovskoye, North Samburgskoye and Meretoyakhinskoye fields and explore the two blocks in the region.

The company’s assets hold estimated reserves of 7.3 billion barrels of oil and condensate and 500 bcm (17.7 tcm) of gas.

Read our latest insights on: