Gazprom Neft and Rosgeologia establish joint enterprise for geological prospecting in the Khanty-Mansy and Yamalo-Nenets Autonomous Okrugs

Gazprom Neft and state exploration company Rosgeologia have used the Geologorazvedka-2016 conference to announce the signing of a Memorandum of Cooperation on establishing a joint enterprise to conduct geological prospecting operations in the Khanty-Mansi and Yamalo-Nenets Autonomous Okrugs.

Both companies will have an equal interest in the joint enterprise. Following the establishment of a legal entity, both companies plan to begin geological prospecting works at licence blocks owned by Gazprom Neft — including the Nyalinsky, Severo-Ityakhsky, Zapadno-Yubileiny blocks, and others — as early as 2017. All licence blocks at which geological prospecting is expected to take place contain inferred resources relating to the Bazhenov formation.

Alexei Vashkevich, Head of Geological Exploration and Resource Base Development, Gazprom Neft, commented: “Establishing a joint enterprise represents a major step forward in the ongoing long-standing collaboration between Gazprom Neft and Rosgeologia. At the St Petersburg International Economic Forum in June 2016 our two companies concluded a Memorandum of Understanding and Cooperation, under which we have developed a system for effective collaboration in implementing geological prospecting initiatives. Gazprom Neft and Rosgeologia’s joint work will bring together both companies’ potential in utilising cutting-edge technologies to bring hard-to-recover and non-traditional reserves into commercial development.”