Gazprom Neft signs joint venture with Shell

Gazprom Neft and Shell signed an agreement to establish a joint venture to study and develop the Leskinsky and Pukhutsyayakhsky license blocks on the Gydan Peninsula. After completion, the partners will each retain a 50 percent interest in the joint venture, that will be managed by Gazprom Neft and Shell on a parity basis. The Leskinsky license block is located in the Taymyr district of the Krasnoyarsk Krai and covers an area of over 3,000 square kilometers. Its hydrocarbon resources may exceed 100 million tons of oil equivalent. The Pukhutsyayakhsky block covers an area over 800 square kilometers and is located in the Tazovsky district of the Yamal-Nenets Autonomous Okrug. Its resources are estimated at around 35 million tons of oil equivalent. Closing of the transaction is scheduled for 2020 after the receipt of necessary corporate and regulatory approvals.