By Anthony O. Goriainoff

 

Lukoil PJSC said Thursday that it has created a joint venture with Gazprom Neft to develop a major oil and gas cluster in Russia's Yamal-Nenets autonomous region.

The Russian oil-and-gas company said the JV will cover the Tazovskoye, Meretoyakhinskoye and Severo-Samburgskoye fields, as well as two Zapadno-Yubileyny license blocks, located in northwest Siberia.

The company said total geological reserves initially in place at the cluster stand at over 1 billion metric tons of oil and about 500 billion cubic meters of gas. The company said a considerable proportion of the reserves initially in place are within the Achimov formation and that they are categorized as hard-to-recover reserves.

"This joint venture, bringing together our financial and technological resources, will see us working on developing hard-to-recover reserves, including producing oil from Achimov formation. This, in turn, will create new jobs and extra tax revenues at every level, as well as facilitating further technological development of our companies and the entire ecosystem of contractors and equipment producers," Gazprom Chief Executive Alexander Dyukov said.

 

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

 

(END) Dow Jones Newswires

September 16, 2021 10:58 ET (14:58 GMT)

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