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Gazprom Neft and Repsol expand their partnership in Russia

Dec 04, 2019
2 min read
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Russia’s Gazprom Neft and Spain’s Repsol are developing a joint venture to conduct geological exploration at six license blocks in the Karabashsky zone of the Khanty-Mansi Autonomous Okru in Russia.

The joint venture will be established through Karabashsky-6 LLC, owned by Gazprom Neft, which holds geological prospecting licenses to six blocks in the south–west of the Khanty-Mansi Autonomous Okrug. Repsol will acquire a 50.1-per cent share in the company’s equity once both parties have fulfilled all conditions precedent under the contract, including securing corporate approvals.

The joint venture will hold the rights to the Karabashsky-17, -18, -19, -25, -26 and -27 blocks, together covering a total area of 1,600 square kilometres. All of these are located in the Kondinsky District of the Khanty-Mansi Autonomous Okrug, and all are marked by very limited levels of geological investigation. Promising assets adjoin these sites, licenses for which are held by other Gazprom Neft and Repsol joint ventures: Evrotek-Yugra and ASB Geo.

In a press statement, Gazprom Neft said that synergies with new territories will allow the partners to establish a major exploration – and subsequently oil-production – cluster in the Karabashsky zone of the Khanty-Mansi Autonomous Okrug.

Preparations for geological prospecting at six Karabashsky blocks were started in 2019, with 2D seismic works planned for 2020. The operator on this project is Evrotek-Yugra.

 

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