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.
The parties must now renegotiate a deal that would transfer Breitburn's Permian reserves to investors including Elliott and WL Ross through their participation in a $775 million rights offering.
As part of creating value, Parsley Energy is also divesting what it called “tail-end inventory” in the Southern Midland Basin for about $170 million.
Nick Varel, who founded two highly successful companies before the age of 40 and currently leads Permian Basin-focused Wing Resources, is today’s Forty Under 40 honoree.