Repsol confirms non-participation in JV with Gazprom Neft and Shell

TASS Russian News Agency | May 22, 2020 at 5:21 PM

MOSCOW, May 22. /TASS/. The largest Spanish oil company Repsol confirmed information about non-participation in the joint venture with Shell and Gazprom Neft for development of Leskinsky and Pukhutsyayakhsky license areas on the Gydan Peninsula, an official spokesperson of the company told TASS.

"Yes, I confirm," he said.

Repsol has no plans so far to withdraw from other projects in Russia, the spokesperson said. "No, not for the time being. We continue working," he said.

Repsol informed Gazprom Neft that the company is not considering participation in the asset exploration project on the Gydan Peninsula, a source in the Russian company told TASS earlier.

"Yes, we continue discussing participation in the project with Gazprom Neft," press service of Shell told TASS.

It was initially implied that Gazprom Neft will hold a 50% stake in the joint venture and Repsol and Shell will hold a 25% stake each. The project is aimed at pooling resources and competencies of companies in development of the underexplored cluster in the northeast of the Gydan Peninsula.