Gazprom Neft and Royal Dutch Shell have agreed to create a joint venture (JV) focused on developing oil fields in Yamal, the Russian company said in a news release June 6.
Each company will hold 50% stakes in Meretoyakhaneftegaz, which holds licensing rights to the Meretoyakhinskoye Field. The JV’s portfolio will also include Tazovsky and Severo-Sambrugsky along with two Zapadno-Yubileiny blocks, Gazprom Neft said.
The fields are estimated to hold reserves of about 1.1 billion tonnes of oil.
Plans are for the deal to be finalized late this year or early 2020.
Los Angeles Mayor Eric Garcetti said Feb. 11 the city is abandoning a plan to spend billions of dollars rebuilding three natural gas power plants along the coast.
Warmer weather counters the polar vortex in demand, says Stratas Advisors.
Cold weather pushed demand in all major categories, Stratas Advisors says.