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Gazprom Neft & Shell to Expand Their Joint Project to Develop Salym Group of fields in KhMAO

Source: www.gulfoilandgas.com 1/17/2020, Location: Asia

Gazprom Neft and Shell have agreed to expand their JV Salym Petroleum Development. The company’s portfolio of assets will include a license for the right to geological survey, exploration and production of conventional hydrocarbon reserves of the Salymsky 2 block in the Khanty Mansiisk Autonomous Region.

Pursuant to the decision of the partners, Salym Petroleum Development N.V. (SPD) acquires from Gazpromneft Khantos and Gazpromneft-Invest 100% interest in the share capital of Salymsky-2 LLC in whose name the license for the block of the same name will be reissued. SPD will also act as the operator of the new development project.

The Salymsky-2 license block is located in the Khanty Mansiisk Autonomous Region. It has an area of 376 km2. The eastern part of the block adjoins the West Salym, Vadelyp and Upper Salym fields, which are being developed by SPD. There are no field-specific infrastructure facilities. However, close proximity to the areas, which are being developed by SPD, will have a synergistic effect, allowing efficient use of the existing SPD production facilities.

The deal will be closed after all the conditions precedent of the contract are met and in accordance with the laws applicable to the parties.

The Salymsky-2 block is still being studied; two appraisal wells have been drilled at the site. At the moment interpretation of geological information obtained from the earlier 3D seismic surveys is under way.

“By transferring the Salymsky-2 block to the SPD asset base and achieving synergy with SPD’s exiting infrastructure we will be able to receive the maximum gains from the block and realize its production potential in the most efficient way, identifying geological uncertainties as part of the additional appraisal effort. The SPD team did an excellent job studying the block and analyzing its integration opportunities. It is symbolic that Gazprom Neft and Shell celebrated their 10th anniversary which started, specifically, with the development of the Salym group of fields, where we have produced more than 80 million tonnes of oil over the last decade. The longstanding experience of our successful teamwork laid the foundation for a successful growth of SPD and new joint opportunities in the future”.

Cederic Cremers, Shell Country Chair Russia, said that “Shell fully supports the expansion of the Salym project. This support is based on SPD’s successful experience as an efficient field development operator and on the confidence in the reliability and professionalism of our partner, Gazprom Neft.”

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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