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.
Recommended Reading
Drilling for ‘Gold’ Hydrogen in the Permian Basin
2022-07-21 - A Houston-based company is gearing up for a field trial in the Permian Basin to prove technology that aims to produce hydrogen biologically found in the oil reservoirs.
TechnipFMC Snags Large Subsea Contract for TotalEnergies Project
2022-09-15 - The value of the subsea contract by TotalEnergies was not disclosed, but TechnipFMC noted that the company considers a “significant” contract to be worth between $75 million and $250 million.
Tullow Oil Abandons Guyana Well after Dismal Drilling Results
2022-08-05 - Tullow Oil, which holds 37.5% of the Kanuku block where the Beebei-Potaro exploration well lies, said it would work with its joint venture partners before deciding on its next steps.
Cyprus, Chevron Press Ahead with Offshore Gas Field Development
2022-07-21 - Chevron and Cyprus are planning the drilling of a new well in the coming months as part of the continued development of the offshore Aphrodite gas field.
Environmentalists Challenge North Sea Gas Drilling Plans in Dutch Court
2022-07-15 - Dutch E&P company ONE-Dyas was allowed to develop a gas field in the North Sea but received pushback when Environmental Action Germany and Mobilisation for the Environment filed a lawsuit in the Court of Justice in The Hague, challenging the project.