OAO Gazprom Neft

06/06/2019 | Press release | Distributed by Public on 06/06/2019 09:33

Gazprom Neft and NOVATEK announce their intention to cooperate in the Arctic

Gazprom Neft and NOVATEK have concluded an agreement at this year's St Petersburg International Economic Forum confirming their intention to cooperate in implementing projects in the Russian Arctic. Signatories to the document were Alexander Dyukov, Chairman of the Management Board, Gazprom Neft, and Leonid Mikhelson, Chairman of the Management Board, NOVATEK.

The agreement confirms the parties' intention of establishing a joint venture to undertake all activities involved in the exploration and development of oil and gas fields.

Alexander Dyukov, Chairman of the Management Board, Gazprom Neft, commented: 'NOVATEK is a longstanding-and proven partner to Gazprom Neft. We are now exploring opportunities for new joint projects with the potential to deliver major synergies. Signing this agreement confirms the intention of both companies to join forces in finding economically viable solutions for developing the Russian Arctic.'

Gazprom Neft and NOVATEK have a longstanding history of cooperation, including through joint ventures - one of which, Arktikgaz, jointly managed by NOVATEK and Gazprom Neft, owns exploration and development licenses to fields in the Samburgsky license block as well as geological prospecting and hydrocarbon production rights at the Evo-Yakhinsky, Yaro-Yakhinsky and Severo-Chaselsky license blocks. Gazprom Neft is the custodian of shares controlled by Gazprom in the Nortgaz joint venture, involved in developing gas-condensate deposits at the Severo-Urengoyskoye field.