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.
Activist investor Elliott Management offered to buy oil and gas producer QEP Resources in an all-cash deal valued at $2.07 billion, saying that the company is "deeply undervalued."
Saudi Aramco CEO Amin Nasser says his company is looking to acquire natural gas assets in the U.S. and is willing to spend "billions of dollars" there as it aims to become a global gas player.
Capstone Natural Resources II retained TenOaks Energy Advisors for the sale of its operated Central Basin Platform properties in Ector and Upton counties, Texas, within the Permian Basin.