Russian producers Lukoil and Gazprom signed an agreement to develop the Vaneyvisskoye and Layavozhskoye fields in Russia’s Nenets region, the companies announced in a joint statement on Monday.
The subsidiaries of the companies, Lukoil-Komi and Gazprom Dobycha Krasnodar, will form a joint venture to acquire the license to develop the fields and complete the project, according to the statement.
The fields, located near Lukoil's operational production site, have aggregate recoverable reserves of 27.4 million tons of liquid hydrocarbons and 225.3 billion cubic meters of natural gas.
The joint venture will focus particularly on the design and survey work, documentation for the construction of field facilities, the necessary infrastructure for hydrocarbon treatment and transport to Lukoil's oil receiving facility, and an entry point to Gazprom's gas transportation system, the companies said.
By Sibel Morrow