Gazprom Neft, Shell and Repsol to Set Up Siberia JV
07 Juni 2019 - 12:22PM
Dow Jones News
By Oliver Griffin
Gazprom Neft (SIBN.MZ) has signed a memorandum of understanding
with Royal Dutch Shell PLC (RDSB.LN) and Spain's Repsol SA (REP.MC)
to establish a joint venture aimed at developing license blocks in
Siberia, the Russian company said Friday.
Gazprom Neft said the document was signed at the International
Economic Forum in St. Petersburg, Russia, and that it expects the
deal to close in 2020 when all corporate and regulatory approvals
have been obtained.
The licenses contain the Leskinsky and Pukhutsyayakhsky blocks
and are located on the Gydan Peninsula. One the deal is closed,
Gazprom Neft will hold 50% of the joint venture, while Shell and
Repsol will control 25% each.
Both blocks are under-explored and located at a considerable
distance from oil-and-gas and transport infrastructure, Gazprom
Neft said.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
June 07, 2019 06:07 ET (10:07 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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