Russia's OAO Gazprom and OAO Rosneft signed an agreement in early October aimed at eventual joint development of five large gas deposits on the Barents Sea shelf.
The deposits, in the Yamalo-Nenetsk autonomous region, are: Kharampurskoye oil, gas, and condensate field, Vyngayakhinskoye gas and oil field, Etypurovskoye oil and gas field, Prirazlomnoye oil field, and Shtokmanovskoye gas and condensate field (see map, OGJ, Aug. 7, 2000, p. 32).
With a view to project implementation, a subsidiary of Gazprom ZAO Rosshelf and a Rosneft subsidiary OAO Rosneft-Purneftegas, which hold licenses to the deposits, will establish a 50-50 joint venture and reassign their licenses to it. They will determine the amount of the joint venture's share capital after an independent appraisal of the assets to be transferred to the venture is carried out.
Mineral rights to Kharampurskoye, Prirazlomnoye, and Shtokmanovskoye fields are to be granted on the basis of a production sharing agreement, so the parties have arranged for joint steps to be taken towards the execution of a PSA for these fields.
The five fields contain vast resources of oil and gas. The collaborative efforts of Gazprom and Rosneft would make it possible to significantly expedite the development of hydrocarbon deposits in the Yamalo-Nenetsk autonomous region and Timan-Pechora oil and gas province, the companies said.
The companies listed the following recoverable volumes:
Kharampurskoye 1.1 billion bbl of oil and condensate and 26.5 tcf of gas.
Vyngayakhinskoye 676 million bbl of oil and 3.8 tcf of gas.
Etypurovskoye 231 million bbl of oil and 10.6 tcf of gas.
Prirazlomnoye 558 million bbl of oil.
Shtokmanovskoye 197 million bbl of condensate and 113 tcf of gas.
