The contract was signed as part of creating a joint venture to develop a large oil and gas cluster in the Nadym-Pur-Tazovsky area of the Yamal-Nenets Autonomous District.
The hydrocarbon cluster in the Nadym-Pur-Tazovsky region includes:
- Meretoyakhinskoye and Severo-Samburgskoye fields
- as well as 2 Zapadno-Yubileiny license blocks
The companies also agreed upon the programme of additional exploration of the blocks of Meretoyakhaneftegaz where RUB 8.9 bln of expenditures will be financed by LUKOIL.
The transaction is planned to be completed in 2022 after fulfilment of a number of conditions precedent, including all necessary corporate approvals, as well as the consent of the Federal Antimonopoly Service.
In September 2021, LUKOIL and Gazprom Neft concluded an agreement on creating a joint venture based on Meretoyakhaneftegaz.
The Tazovskoye oil and gas condensate field, which was put on-stream in June 2021, will be at heart of the new production area.
The venture is also to develop the Severo-Samburgskoye and Meretoyakhinskoye fields, as well as 2 Zapadno-Yubileiny license blocks.
The JV will focus on clusters that hold over a billion tonnes of oil and around 500bcm of gas.