Gazprom said that the gas condensate field has potential reserves of over one trillion cubic meters of gas and 5.7 million tons of oil. Geological survey at the field is continuing while production wells are being developed.
In the fourth quarter of 2007 the field is expected to produce around 1.4 billion cubic meters of gas per year. The field is expected to reach its planned 25 billion cubic meters per year capacity in 2009.
Gazprom and BASF had signed a share swap agreement. According to the agreement, Gazprom will increase its stake in the Wintershall-Gazprom joint venture, Wingas, to 50% minus one share. In turn, BASF will acquire a 25% stake minus two shares, which is equivalent to a 10% stake in the project’s equity. Wintershall is a wholly owned subsidiary of BASF.
Alexey Miller, deputy chairman and CEO of Gazprom, said: Commissioning of the Yuzhno-Russkoye field is one of the momentous events of 2007 for Gazprom. It is a bright example of the company’s consistent execution of the production capacities addition policy and establishment of strong foundation in the aim of providing stable and secure gas supplies to the internal and external markets.
