Gazprom Neft and Zarubezhneft have established a JV to develop «hard-to-recover» oil

Moscow, August 21 - Neftegaz.RU. Gazprom Neft and Zarubezhneft have consummated a transaction for the establishment of a joint venture for the purpose of development of Salym sites in the Khanty-Manskiysk autonomous area-Yugra. JV shall become a platform for the development and testing of hard-to-recover oil production technologies.

Salymskiy-3 and Salymskiy-5 license sites located in the Khanty-Manskiysk region of KhMAA-Yugra were included into the assets portfolio of the joint venture. The share of Gazprom Neft in the JV amounted to 51%, Zarubezhneft’s – to 49%.

The partners are consolidating their resources and expertise both for the development of hydrocarbon reserves at Salymskiy sites and for the development of new approaches and innovation technologies in the area of “hard-to-recover” oil handling in general.

At the moment 3D seismic exploration has been conducted, the first prospecting and appraisal well has been drilled and 15-stages fracking has been performed at Salymskiy-3 site.

The geologic exploration works at the adjacent Salymskiy-5 site are to begin before the end of 2020. According to the preliminary estimates, the in-place oil resources of both assets may exceed 500 million tons.

Gazprom Neft and Zarubezhneft have agreed the geologic exploration works till 2024. The aggregate amount of investments into the geologic studies of both assets may amount to approximately RUB 5 billion.