Russia’s oil producer Gazprom Neft announced on Tuesday it was launching a joint venture with multinational energy company Shell to study and develop two oil and gas blocks on the Gydan Peninsula in Russia’s Yamalo-Nenets Autonomous Area.
“Gazprom Neft and Shell have signed an agreement to establish a joint venture to study and develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula. Following completion, the partners will each have a 50% interest in the capital of the joint venture. The joint venture will be managed by Gazprom Neft and Shell on a parity basis. Closing of the transaction is scheduled for 2020 after the receipt of necessary corporate and regulatory approval,” Gazprom Neft said in a statement.
The joint venture is designated to “combine the capabilities and competences of its partners in the exploration of a large promising cluster in the north-eastern part of the Gydan Peninsula.”
Cederic Cremers, Shell’s country chair for Russia, welcomed the expansion of cooperation, praising Gazprom Neft as a “highly professional long-term partner” and expressing hope for success of the project.