PJSC LukOil LUKOIL and Gazprom Neft Create Joint Venture (0527M)
16 Septiembre 2021 - 9:14AM
UK Regulatory
TIDMLKOD
RNS Number : 0527M
PJSC LukOil
16 September 2021
LUKOIL AND GAZPROM NEFT CREATE JOINT VENTURE TO DEVELOP LARGE
OIL AND GAS CLUSTER IN YAMAL-NENETS REGION
Today, in Saint Petersburg, PJSC LUKOIL and PJSC Gazprom Neft
concluded an agreement on creating a joint venture (JV) to develop
a major oil and gas cluster in the Nadym-Pur-Tazovsky area of the
Yamal-Nenets Autonomous District. The document was signed by Vagit
Alekperov, President of LUKOIL, and Alexander Dyukov, CEO of
Gazprom Neft, in presence of Alexey Miller, Chairman of the
Management Committee of Gazprom PJSC.
The JV will be based on Meretoyakhaneftegaz LLC, a Gazprom Neft
subsidiary. The Tazovskoye oil and gas condensate field, which was
put on stream this June, will be at heart of the new production
area. The venture is also to develop the Severo-Samburgskoye and
Meretoyakhinskoye fields, as well as two Zapadno-Yubileyny license
blocks. These areas currently undergo additional appraisal and
pilot works, on which basis a development strategy for the cluster
will be developed. Total geological reserves initially in place at
this new cluster stand at over 1 billion tonnes of oil and about
500 bcm of gas. A considerable proportion of the reserves initially
in place lie within the Achimov formation and are categorised as
hard-to-recover reserves.
Meretoyakhaneftegaz is the first asset to be managed by LUKOIL
and Gazprom Neft on a parity (50:50) basis. Over the next few
months, the parties plan to prepare detailed binding documents on
establishing the joint venture, as well to secure all necessary
corporate and regulatory approvals.
The companies will also look into further opportunities to
expand their cooperation on several lucrative projects in their
regions of operation in Russia.
"LUKOIL has always been giving a key priority to homeland
projects; we see great prospects for them. The Company is
interested in increasing its investment both into upstream and
downstream projects in our country. We are actively developing new
fields in West Siberia, Timan-Pechora, the Caspian and Baltic Seas,
as well as in other Russian regions. We also keep implementing
selective deep conversion projects at our refineries in Russia.
Gazprom and Gazprom Neft has been our strategic partners for many
years. Together, we can combine the best Russian technologies to
develop this new massive hydrocarbon cluster in the region that we
consider strategic - the Yamal-Nenets region. Its development will
ensure additional hydrocarbon output, extra tax revenues to Russian
budget, and have a multiplier effect for related industries," said
Vagit Alekperov, President of LUKOIL PJSC.
"Our task is to effectively involve hydrocarbon reserves with a
complex geological structure in the Arctic Circle into development.
The joint efforts of the two companies will make it possible to
apply the best technical solutions here. It should also be noted
that the creation of the JV supports the further development of the
strategic partnership between the Gazprom Group and LUKOIL," said
Alexey Miller, Chairman of the Management Committee, Gazprom
PJSC.
"Developing those fields covered by our joint venture with
LUKOIL is a critical task for our entire industry. This joint
venture, bringing together our financial and technological
resources, will see us working on developing hard-to-recover
reserves, including producing oil from Achimov formation. This, in
turn, will create new jobs and extra tax revenues at every level,
as well as facilitating further technological development of our
companies and the entire ecosystem of contractors and equipment
producers," noted Alexander Dyukov, CEO, Gazprom Neft PJSC.
For reference:
Gazprom Neft's oil and gas production cluster in the
Nadym-Pur-Tazovsky area includes the Tazovskoye, Meretoyakhinskoye
and Severo-Samburgskoye fields, as well as two Zapadno-Yubileyny
licence blocks. The Tazovskoye oil and gas condensate field was
discovered in 1962. It is located 525 km away from the city of
Salekhard. With its reserves it is among the largest fields in West
Siberia: 419 million tonnes of oil and 225 bcm of gas. Full-scale
commercial operation at the field was delayed because of its
complex geology. The field's oil reserves occur in an oil-rim - a
thin layer of oil between a "gas cap" and a water horizon. Their
extraction demands drilling of high-tech wells, as complex as
offshore ones.
Commercial production at the field started in June 2021. Annual
output is expected to peak at 1.7 million tonnes of oil and 8 bcm
of gas.
The Meretoyakhinskoye field is in its early production. Major
geological prospecting works have been undertaken, on which basis
the geological model of this asset, the development program and
infrastructure solutions are being updated.
Oil initially in place at the Severo-Samburgskoye field is
estimated at 460 million tonnes. Exploration wells at the field
have been re-tested, high quality 3D-seismic undertaken, and two
horizontal wells (involving multi-stage fracking) drilled. Plans
for further geological prospecting investigations are now being
updated in line with the information gathered, as is the asset's
development strategy.
The Zapadno-Yubileyny blocks are part of the Nerutinskaya
exploratory zone in the Nadymsky municipality of the Yamal-Nenets
Autonomous District. Extended geological and geophysical downhole
surveys are undertaken there. Geological prospecting works are
expected to be completed by 2024-2026, on which basis the business
case for this project will be updated.
The Achimov formation refers to strata located in the lower part
of Cretaceous sediments. Achimov reservoirs occur throughout
practically the entire West-Siberian Basin, over an area covering
more than 900 thousand square kilometres. The thickest formations
have been identified in the Nadymsky and Purovsky municipalities of
the Yamal-Nenets Autonomous District. Achimov strata have a complex
geological structure, requiring the use of sophisticated
technologies in development. Specialists estimate total reserves at
the Achimov formation to be around 60 billion tonnes of oil.
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