Lukoil becomes partners with Gazprom Neft in latter's former JV with Repsol

MOSCOW. Nov 24 (Interfax) - Gazprom Neft will now develop the Karabashsky blocks in the Khanty-Mansiysk Autonomous District (KhMAD) as part of a joint venture with Lukoil instead of in partnership with Spain's Repsol, as Gazprom Neft had been doing until recently.

According to data in the SPARK-Interfax analytical system, Meretoyakhaneftegaz, a JV between Gazprom Neft and Lukoil that was established six months ago, has been the management company of Evrotek-Yugra LLC, which develops the respective blocks, since November 23.

Evrotek-Yugra LLC was the onetime JV between Gazprom Neft and Spain's Repsol prior to the latter withdrawing from the asset. Gazprom Neft purchased 50% of Evrotek-Yugra LLC from Repsol at the end of last year.

Neither Gazprom Neft nor Lukoil has responded to a request from Interfax.

Evrotek-Yugra LLC owns prospecting and appraisal licenses for the Sverdlovsky, Kileysky, Karabashsky-3, and Karabashsky-9 blocks, respectively; as well as holds two mining licenses for Karabashsky-1 and Karabashsky-2, where the project's key asset, the Ervie field, formerly Ourinskoye, with recoverable oil reserves of around 34 million tonnes, is located. Production has not begun, though Gazprom Neft is already preparing for development.

Evrotek-Yugra LLC is now the second enterprise among Gazprom Neft's Russian assets to include Lukoil as a partner. Gazprom Neft and Lukoil in 2021 created the first parity JV at Meretoyakhaneftegaz in order to develop the large Tazovskoye field in Yamal.