Gazprom Neft’s Stock in JV with Chevron Increased to 75 Percent
In September 2007 JSC Gazprom Neft increased to 75% its participating interest in CJSC Severnaya Taiga Neftegaz which is its JV with Chevron Neftegaz.
At present, a process of the license conversion for the Piakutinskiy license area from JSC Gazprom Neft to the name of CJSC Severnaya Taiga Neftegaz is underway.
In April 2006 JSC Gazprom Neft and Chevron Neftegaz signed a memorandum of understanding that served as the basis for the formation of a joint venture of CJSC Severnaya Taiga Neftegaz.
The purpose for the creation of the JV is to pool forces for implementation of projects in the field of oil extraction.