Gazprom Neft-Novatek joint venture will be based on Gazprom Neft assets – top manager

TASS Russian News Agency | Jun 14, 2019 at 3:45 PM

ST. PETERSBURG, June 14. /TASS/. The joint venture Gazprom Neft and Novatek plan to establish for the development of oil and gas fields in the Arctic region, will be based on the assets of Gazprom Neft, Deputy CEO of the Russian oil major Andrei Patrushev told reporters.

"We will create new opportunities, new conditions for joint work. Preliminary this (the joint venture) will be based on the assets of Gazprom Neft," he said.

He refused to answer the question of whether the partnership will be based on the development of onshore or offshore fields.

"By agreement between the companies, we do not comment on this issue," he said.

Earlier this month, at the St. Petersburg International Economic Forum, Gazprom Neft and Novatek signed an agreement on creation of a joint venture for the exploration and development of oil and gas fields in the Arctic region.

Gazprom Neft and Novatek have a long history of cooperation, in particular in joint ventures. One of such joint ventures, Arktikgaz holds licenses for exploration and production at the deposits of the Samburgsky license area, and for geological exploration and production of hydrocarbons within the Yevo-Yakhinskoye, Yaro-Yakhinskoye and North-Chaselskoye license areas.