Gazprom Neft buys 25% of Repsol's Khanty-Mansiysk subsidiary
MOSCOW. July 3 (Interfax) - Russia's Federal Antimonopoly Service (FAS) has approved a request by Gazprom Neft to acquire 25% of Repsol's assets in Russia's Khanty-Mansiysk Autonomous District (KMAD), the FAS told Interfax.
Gazprom Neft said in a press release that it had acquired a 25.02% stake, with the right to increase this to 50%, in Repsol subsidiary Evrotek-Yugra, which holds exploration and production rights to seven license blocks in the KMAD.
This joint enterprise will continue geological prospecting works in the Kondinsky district, in the south-west of the KMAD, where all of the acquired license blocks are located. Gazprom Neft and Repsol will manage Evrotek-Yugra jointly, on a parity basis.
Seismic investigations have been undertaken at all license blocks belonging to Evrotek-Yugra, with nine exploration wells drilled between 2013 and 2016. The Ouryinskoye field, with recoverable C1+C2 reserves of 33.8 million tonnes of oil, was discovered at the Karabashsky 1 and Karabashsky 2 fields in 2013.
A final decision on investment in the development of the Ouryinskoye field will be reached at the end of 2019, following completion of the geological prospecting program.
Evrotek-Yugra holds exploration and production licenses for the Karabashsky 1 and Karabashsky 2 blocks, as well as licenses for geological prospecting at the Karabashsky 3, Karabashsky 9, Karabashsky 78, Karabashsky 79 and Kileysky blocks.
