Gazprom and LUKOIL discuss ongoing efforts to create joint venture
Background
Gazprom and LUKOIL are bound by the 2014–2024 General Agreement on Strategic Partnership, pursuant to which, among other things, LUKOIL supplies gas into Gazprom's gas transmission system.
The Vaneyvisskoye and Layavozhskoye fields are located to the east of Naryan-Mar in the Nenets Autonomous Area. The two fields have the aggregate recoverable reserves of 27.4 million tons of liquid hydrocarbons and 225.3 billion cubic meters of natural gas. The subsurface use license for the area of federal significance that includes these fields is held by Gazprom.
In 2020, Gazprom and LUKOIL signed the Master Agreement on the terms of the development of the Vaneyvisskoye and Layavozhskoye fields. Among other things, the document sets out the procedure for creating a joint venture to execute the project. The venture will be established by the subsidiaries of Gazprom and LUKOIL: Gazprom Dobycha Krasnodar and LUKOIL-Komi. The project company will receive the license for the fields.
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