Gazprom Neft, Repsol and Shell to develop major exploration cluster on Gydan Peninsula

6/7/2019

MOSCOW -- Gazprom Neft, Repsol and Shell have signed a memorandum of understanding at this year’s St. Petersburg International Economic Forum, establishing a JV to develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula.

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Tomás García Blanco, E&P executive managing director, Repsol; Vadim Yakovlev, first deputy CEO, Gazprom Neft; and Cederic Cremers, Shell country chair, Russia.

The document was signed by Vadim Yakovlev, first deputy CEO, Gazprom Neft; Tomás García Blanco, E&P executive managing director, Repsol; and Cederic Cremers, Shell country chair, Russia. Under this memorandum, the parties plan to have detailed terms in place by the end of 2019, as well as singing an agreement on establishing the JV.

The deal is expected to be closed in 2020, once all necessary corporate and regulatory approvals have been obtained, and all legal preconditions met. The licenses to the Leskinsky and Pukhutsyayakhsky blocks on the Gydan Peninsula will be added to the company’s asset portfolio. Gazprom Neft will have a 50% interest in the JV once the transaction has closed, with Repsol and Shell each holding 25%.

Establishing this JV is intended to bring all parties’ resources and skills together in developing an under-researched exploration cluster in the northeastern part of the Gydan Peninsula. The Leskinsky license block is located in the Taymyrsky district of the Krasnoyarsky Krai, and covers an area of 3,027 km2. Official estimates put D2 recoverable oil reserves at 100 MMtoe.

Adjoining the Leskinsky block, the Pukhutsyayakhsky block, which covers an area of 825 km2, is located in the Tazovsky district of the Yamal-Nenets Autonomous Okrug. According to official estimates, recoverable D1 and D2 oil reserves stand at 35 MMtoe.

Both blocks are under-explored and located in considerable distance from oil-and-gas and transport infrastructure.

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