Spain’s Repsol has pulled out of a planned joint venture to develop two Arctic oil blocks with Russia’s Gazprom Neft and Royal Dutch Shell, a spokesman at Repsol said May 22.
Gazprom Neft, the oil arm of Russian gas giant Gazprom, Repsol and Shell signed a memorandum of understanding last June on establishing a joint venture to develop the Leskinsky and Pukhutsyayakhsky blocks on the Gydan Peninsula in northern Siberia.
A deal on the venture, in which Gazprom Neft would hold a 50% stake and Repsol and Shell each own 25%, was expected to close this year.
“It’s an option we had on a well we are choosing not to exercise,” Repsol’s spokesman said.
A source at Gazprom Neft said the Russian company will continue to cooperate with Shell on the assets.
“Repsol has informed Gazprom Neft that at the moment, it does not consider a possibility of participation in the project,” the source said.
Gazprom Neft declined to comment.
Texas American Resources Co. retained PetroDivest Advisors to market for sale its oil and gas leasehold and mineral interests in Burleson and Washington counties, Texas.
XTO Energy selected EnergyNet as the exclusive adviser to market a Permian Basin operated opportunity located in Loving and Winkler counties, Texas, through a sealed-bid process closing Sept. 15.
Wagner Oil retained TenOaks Energy Advisors for the sale of four packages comprising South Texas, South Louisiana, Permian Basin and Delaware Basin royalty interests.