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Gazprom Neft–Zarubezhneft joint venture will promote the development of hard-to-recover oil reserves in the Khanty-Mansi Autonomous Okrug

Gazprom Neft and Zarubezhneft have closed a transaction establishing a joint venture to develop Salymsky license blocks in the Khanty-Mansi Autonomous Okrug. This joint venture will provide a platform for developing and testing hard-to-recover oil-production technologies.

The joint venture’s asset portfolio will include the Salymsky-3 and Salymsky-5 license blocks in the Khanty-Mansi Autonomous Okrug-Yugra. Gazprom Neft will have a 51% interest in the joint venture, and Zarubezhneft 49%. Both partners will be bringing their resources and skills to bear in developing hydrocarbon reserves at these Salymsky license blocks, and in developing new approaches to and innovative solutions for working with hard-to-recover oil.

So far, 3D seismic works have been undertaken at the Salymsky-3 and Salymsky-5 licnese blocks, the first exploration and appraisal well drilled, and a 15-stage fracking operation completed. Geological prospecting works are expected to start at the adjacent Salymsky-5 block by the end of 2020. Preliminary prognoses suggest initial reserves in place at both blocks comprise more than 500 million tonnes of oil.

Gazprom Neft and Zarubezhneft have agreed a programme of geological prospecting works to 2024. Total investment in geological investigations at both assets could reach RUB5 billion. Depending on the outcomes of geological prospecting works, commercial production at Salymsky-block hard-to-recover reserves could start as soon as 2025.

Notes for editors

Gazprom Neft and Zarubezhneft have been working together successfully as part of the “Carbonate Consortium” established in November 2017. This consortium has become a platform for examining various aspects of production activities, as well as for sharing experience and developing joint expertise in various technological solutions.

Gazprom Neft PJSC is a vertically integrated oil company, primarily involved in oil and gas exploration and production, refining, and the production and sale of oil products. Gazprom Neft’s corporate structure encompasses more than 70 exploration and production, refining, and retailing enterprises throughout Russia, the CIS and worldwide.

Gazprom Neft is one of the world’s top-10 public companies by proven liquid hydrocarbon reserves, and a global leader in the rapidity of its reserves replacement. Gazprom Neft is one of Russia’s top three companies in terms of oil production and refining. The company’s hydrocarbon production stood at 96.1 million tonnes of oil equivalent (mtoe) in 2019, while refining volumes totalled 41.5 tonnes.

Zarubezhneft JSC is a strategically important Russian oil and gas company with a rich history, and 50 years’ unique experience in international operations. Its projects include working offshore as part of the Vietsovpetro joint venture, developing fields in the Nenetsk Autonomous Okrug as part of the Rusvietpetro joint venture and production sharing agreement (PSA) at the Kharyaginskoye field, using field-development technologies in Cuba, and being involved in oil refining and sales in Republika Srpska (Bosnia and Herzegovina).