Gazprom Neft developing new exploration cluster in the Khanty-Mansi Autonomous Okrug

MOSCOW -- Gazprom Neft has been confirmed as the winner of Rosnedra subsoil licensing rounds for six blocks in the Karabashsky exploration zone, located in the Khanty-Mansi Autonomous Okrug.

The company has a presence in this region through Evrotek-Yugra, its joint venture with Spain’s Repsol, which holds subsoil usage rights to two blocks in the Karabashsky zone, as well as exploration rights to five blocks in the region, at which geological exploration is currently ongoing. Pursuant to their shareholder’s agreement Gazprom Neft and Repsol manage Evrotek-Yugra on a parity basis, with the Russian company having the right to increase its interest in the joint venture to 50%.

Alexei Vashkevich, head of geological exploration and resource base development at Gazprom Neft, commented: "The acquisition of these new licenses presents us with the opportunity to develop a promising exploration cluster. The Karabashsky blocks are characterized by a low level of exploration and prospecting, thus far, so we’ll only be able to talk confidently about their resource potential once seismic works have been undertaken and initial wells drilled. The provisional production potential at these blocks can be estimated at around 15–25 million tonnes of oil equivalent.