On May 24, 2018, Gazprom Neft and Mitsui signed a Memorandum of Understanding at St. Petersburg International Economic Forum. The parties agreed to assess the prospects for cooperation between the two companies to develop shallow offshore project on Sakhalin island*. The document was signed by Hirotatsu Fujiwara, Executive Managing Officer of Mitsui & Co. Ltd. and Andrey Patrushev, Deputy General Director for Offshore Projects Development of Gazprom Neft.
Gazprom Neft, which has a broad portfolio of shelf assets in Russia, and Mitsui, one of the world’s largest Japanese trading and investment companies will consider the future possibility of sharing their competence and know-how in the field of E&P projects.
“The development of relations with world’s largest financial and industrial conglomerates, the mutually beneficial exchange of competencies and technologies contributes to effective development of license areas by Gazpromneft. Together with Mitsui, we are interested in implementing high-tech projects on the Russian continental shelf, and the Sakhalin project is one of the most promising for potential cooperation,” said Andrey Patrushev, Deputy General Director for Offshore Projects Development of Gazprom Neft.
* The project for the development of Ayashsky license area, which is located in the Sea of Okhotsk in the north-eastern part of the shelf of Sakhalin island, 55 km from the coastline. The depth of the sea at the drilling site of the first well is 62 m. 3D seismic works in the volume of 2150 sq. km. were performed in the area earlier.