Russian oil majors Gazprom Neft and Lukoil have formed a joint venture (JV) to produce oil and gas from the northern region of the Yamal-Nenets autonomous region, Russia.
The JV will be based at Meretoyakhaneftegaz LLC, a Gazprom Neft subsidiary. The new production cluster being focused around the Tazovskoye oil and gas condensate field. The mid-term investments were seen at RUB200 billion (USD2.8 billion).
Other than that, the JV will cover the Meretoyakhinskoye and Severo-Samburgskoye fields, as well as two Zapadno-Yubileyny license blocks, located in northwest Siberia.
At the new cluster, the total geological reserves stand at more than 1 billion tonnes of oil and around 500 bcm of gas. A significant proportion of the reserves, considered to be the Achimov formation, were categorized as hard-to-recover reserves.
The field will be the first in Russia to have an infrastructure set up under significant constraints related to the coronavirus pandemic.
