• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 17 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 2 hours America's pandemic dead deserve accountability after Birx disclosure
  • 1 hour Putin blocks Ukraine access to Black Sea after Joe blinks
  • 5 hours Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 1 day Fukushima
  • 1 day CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 1 day Biden about to face first real test. Russia building up military on Ukraine border.
  • 4 days New Chinese Coal Plants Equal All those in U.S.A
Is This The Most Exciting Commodity Play Of 2021?

Is This The Most Exciting Commodity Play Of 2021?

Helium supply is being exhausted…

Fracking Survives In California As Senate Blocks Bill

Fracking Survives In California As Senate Blocks Bill

The California Senate’s Natural Resources…

Shell, Gazprom Neft Set Up Joint Venture To Develop Oil Fields In Russia

Royal Dutch Shell and Gazprom Neft have agreed to create a joint venture that will be exploring and developing oil fields in the Yamal region in Russia, the oil arm of Russian gas giant Gazprom said on Thursday.

Shell and Gazprom Neft have signed the documents to create a 50/50 joint venture that will be managed on an equal basis by the partners in a rare move of an international oil major into Russia’s oil sector, some of which has been subject to Western sanctions since the Russian annexation of Crimea in 2014.

The joint venture deal is expected to be finalized in late 2019 or early next year, pending all necessary corporate and regulatory approvals and once all legal preconditions have been met, Gazprom Neft said in a statement.

“As part of this new agreement we will be able to reveal the full potential of what is a major hydrocarbon cluster in Yamal, viably and efficiently. We will be investigating further opportunities for implementing projects with Shell in the future, including projects outside of Russia,” said Alexander Dyukov, Chairman of the Management Board at Gazprom Neft.

Shell’s chief executive officer, Ben van Beurden, also commented on the agreement, saying in Gazprom Neft’s statement that “This is yet another milestone in our partnership with Gazprom Neft. Over the years, we have built a trusted and fruitful relationship.”

Shell and Gazprom Neft have been working in Russia to develop the Salym group of oil fields.

Gazprom Neft plans to invest more in exploration and aims to boost oil production regardless of the ongoing OPEC+ production cuts.

In March this year, Gazprom Neft’s Dyukov said that he did not think the production cut deal between Russia and OPEC would last long, and that the Russian company was not even considering the cuts in its long-term plans. Gazprom Neft said it had plans to maintain or even increase production after 2020.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News