Russian oil firm Gazprom Neft has purchased a 25.02% interest in Evrotek-Yugra from Spain-based Repsol.
The deal will also allow Gazprom to increase its stake to 50% in Evrotek-Yugra, which has exploration and production rights to seven license blocks in the Khanty-Mansiysk Autonomous Okrug.
Evrotek-Yugra owns exploration and production licenses for the Karabashsky 1 and Karabashsky 2 blocks, in addition to licenses for geological prospecting at the Karabashsky 3, Karabashsky 9, Karabashsky 78, Karabashsky 79 and Kileysky blocks.
Gazprom and Repsol have agreed to jointly manage Evrotek-Yugra on a parity basis.
The joint venture (JV) will be involved in continuing with geological prospecting works in the Kondinsky district situated in the south-west of the Khanty-Mansiysk Autonomous Okrug, which includes all of the acquired license blocks.
With nine exploration wells drilled between 2013 and 2016, seismic investigations have been carried out at all license blocks related to Evrotek-Yugra.
The Ouryinskoye field, which has recoverable reserves of 33.8 million tonnes of oil, was discovered at the Karabashsky 1 and Karabashsky 2 fields in 2013.
Based on the geological prospecting programme, the firms will take a final decision on investment in the development of the Ouryinskoye field by the end of 2019.
Gazprom Neft CEO and management board CEO Alexander Dyukov said: Creating this joint venture with Repsol gives Gazprom Neft the opportunity to start work on a promising development cluster in the south—west of the Khanty-Mansiysk Autonomous Okrug, our key region of operation.
“Alongside strategically expanding our resource base, we also have the opportunity to share our geological prospecting skills and know-how with one of the largest oil companies in Europe.”