Gazprom Neft and Royal Dutch Shell PLC have agreed to form a joint venture for development of oil and gas fields in the Yamalo-Nenets Autonomous Okrug of northwestern Russia.
The companies signed an agreement for purchase of a 50% interest in authorized share capital of Meretoyakhaneftegaz, which holds license rights to Meretoyakhinskoye oil field.
At closing of the transaction, the joint venture will receive the Tazovsky and Severo-Sambrugsky blocks and two Zapadno-Yubileiny blocks, which are in varying stages of development.
Gazprom Neft said oil in place in fields owned by Meretoyakhaneftegaz totals 1.1 billion tonnes.