• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 28 mins americavchina.com
  • 2 hours DUMB IT DOWN-IMPEACHMENT
  • 2 hours Tories on course to win majority
  • 3 hours POTUS Trump signs the HK Bill
  • 24 hours Greta named Time Magazine "Person of the Year"
  • 1 hour Winter Storms Hitting Continental US
  • 11 hours WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
  • 7 hours Everything you think you know about economics is WRONG!
  • 1 day Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 7 hours Aramco Raises $25.6B in World's Biggest IPO
  • 2 hours China Burns More Coal than the Rest of the World !
  • 1 hour 2nd Annual Great Oil Price Prediction Challenge of 2019
Is A New Price War Looming For OPEC?

Is A New Price War Looming For OPEC?

OPEC has long maintained a…

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

Gazprom neft

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
Download on the App Store Get it on Google Play