Russian oil producer Gazprom Neft has concluded a deal with Royal Dutch Shell to establish a joint venture (JV) for the development of a major hydrocarbon cluster on the Gydan Peninsula.
The transaction follows an agreement signed by both the companies to establish the JV in July this year. As per the terms of the deal, the two companies will have an equal interest in the charter capital of the joint venture.
The joint venture will study and develop the onshore Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula.
The two companies will consolidate their capabilities and competences to develop the exploration cluster, which is located in the north-eastern part of the Gydan Peninsula.
Covering over 3,000km² of area, the Leskinsky licence block is located in the Taymyr district of the Krasnoyarsk Krai. Its hydrocarbon resources are estimated to be more than 100m tonnes of oil equivalent (mtoe).