Gazprom Neft started a joint venture with Repsol in Russia

Image courtesy of Gazprom Neft

Image courtesy of Gazprom Neft

According to Reuters, Russia’s oil producer Gazprom Neft said it is going to create a joint venture with Spanish energy company Repsol in Russia.
Gazprom Neft acquired a 25.02 percent stake with the right to increase it to 50 percent in Evrotek-Yugra, which is owned by Spain’s Repsol and holds exploration and production rights to seven license blocks in West Siberia, Gazprom Neft said.
This joint enterprise will continue geological prospecting works in the Kondinsky district, located in the south of the autonomous okrug, where all of the acquired license blocks are located.
Among the various exploration drills, 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 programme.