Page 11 - FSUOGM Week 38 2021

FSUOGM PROJECTS & COMPANIES FSUOGM

Gazprom, Gazprom Neft and Lukoil to

team up on West Siberian projects

RUSSIA RUSSIAN oil and gas majors Gazprom, Gaz- hard-to-recover reserves, including at the deep
prom Neft and Lukoil have agreed to work and high-temperature and high-pressure Achi-
Gazprom Neft and together to exploit a group of challenging fields mov layer.
Lukoil are forming a in Western Siberia, the companies announced “This, in turn, will create new jobs – and extra
50:50 joint venture to on September 17. tax revenues – at every level, as well as facilitat-
explore and develop an Gazprom Neft and Lukoil are forming a ing further technological development, for both
area surrounding the 50:50 joint venture to explore and develop an our company and the entire wider ecosystem of
Tazovskoye field. area surrounding the Tazovskoye field in the contractors and equipment producers,” he said.
Yamalo-Nenets, which Gazprom Neft brought Lukoil head Vagit Alekperov added that it saw
into production in mid-June. The assets include great prospects for the domestic upstream sector.
the Severo-Samburgskoye and Meretoyakhin- Gazprom Neft had formerly wanted to work
skoye fields, as well as the two Zapadno-Yu- with Royal Dutch Shell at the fields, but the
bileiny licence blocks. They are estimated to Anglo-Dutch major withdrew from the project
hold more than 1bn tonnes (7.3bn barrels) of oil in April 2020, citing the “challenging external
and around 500bn cubic metres of gas in initial environment.”
in-place resources combined. Russian producers have had to turn to
“Our job is to bring hydrocarbon reserves – increasingly difficult and costly projects to
with complex geology in the Polar Circle – into support their production growth, as easi-
development effectively,” Gazprom CEO Alexei er-to-develop fields reach maturity. But at
Miller said in a statement. “Our two companies the same time, Western oil majors have been
joining forces will mean we can bring the very more reluctant to commit to projects because
best technical solutions to bear here. I should of sanctions, volatile oil market conditions and
also highlight that establishing this JV will a shift in their focus towards renewables and
support further development of the Gazprom other energy transition technologies. This has
group’s strategic partnership with Lukoil.” led to closer co-operation between Russian oil
Gazprom Neft CEO Alexander Dyukov companies that were previously more reluctant
noted that the partners would be developing to partner up. ™

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