Gazprom Neft and Repsol will work together in their pursuit of developing hydrocarbon resources in Russia's Khanty-Mansiysk Autonomous Okrug-Yugra area.
The two companies recently signed a memorandum of understanding confirming their interest in further developing Evrotek-Yugra, a joint enterprise between Gazprom Neft and Repsol, according to a news release. The move formalizes both companies’ mutual interest in investigating, purchasing and developing license blocks in the Khanty-Mansiysk Autonomous Okrug region and neighboring assets owned by Evrotek-Yugra.
Gazprom Neft acquired a 25.02% interest in Evrotek-Yugra, which owns seven subsoil development licenses in the Khanty-Mansiysk Autonomous Okrug region, from Repsol, with the right to increase its holding to 50%, the release said. Both parties will manage the joint enterprise on a parity basis.
Evrotek-Yugra holds E&P licenses for the Karabashsky 1 and Karabashsky 2 blocks as well as licenses for geological study at the Karabashsky 3, Karabashsky 9, Karabashsky 78, Karabashsky 79 and Kileysky blocks, the release said. Seismic investigations have been undertaken at all license blocks belonging to Evrotek-Yugra, with nine exploration wells having been drilled between 2013 and 2016.
With recoverable reserves of 33.8 million tonnes of oil, the Ouryinskoye Field was discovered at the Karabashsky 1 and Karabashsky 2 fields in 2013, the release said. A final investment decision on the development of the Ouryinskoye Field is expected by year-end 2019 following completion of the geological study program.