Gazprom, Lukoil Agree Terms for Russian Gas Projects
Russian producers Gazprom and Lukoil have signed a deal outlining terms and conditions to develop two gas fields in the Nenets region of northern Russia, they said on December 21.
Gazprom won exploration rights to the Vaneyvisskoye and Layavozhskoye fields in 2016, paying rubles 23.4bn ($375mn) after a heated bidding contest with Lukoil and Rosneft. The company has been discussing forming a joint venture with Lukoil to develop the deposits since 2018.
Vaneyvisskoye and Layavozhskoye are in close proximity to both Gazprom and Lukoil assets. They are estimated to hold 225.3bn m3 of gas and 27.4 metric tons of oil in recoverable reserves, according to the partners. The aim is to feed the fields' gas into Gazprom's transmission system and deliver oil to Lukoil's nearby infrastructure.