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Gazprom and LUKOIL Preparing to Set Up Joint Venture to Develop Vaneyvisskoye and Layavozhskoye Fields


Alexey Miller, Chairman of the Gazprom Management Committee, had a working meeting with Vagit Alekperov, President of LUKOIL.

The parties discussed current issues related to bilateral cooperation, including the development project for the Vaneyvisskoye and Layavozhskoye fields in the Nenets Autonomous Area. Preparations are underway for the establishment of a joint venture.

In addition, Alexey Miller and Vagit Alekperov reviewed the long-term prospects of collaboration between the companies for the purposes of gas supply and processing at Gazprom's Sosnogorsk GPP.

Background

Gazprom and LUKOIL are bound by the 2014–2024 General Agreement on Strategic Partnership, pursuant to which, among other things, LUKOIL supplies gas into Gazprom's gas transmission system.

On October 9, 2015, Gazprom's Sosnogorsk GPP started to receive associated petroleum gas from the northern group of fields developed by LUKOIL-Komi. Prior to the start of those deliveries, Gazprom and LUKOIL implemented a joint project for rearranging the gas supply scheme for consumers within the Pechora industrial cluster.

In May 2018, Gazprom and LUKOIL signed the Agreement stating the intention of the parties to jointly develop the Vaneyvisskoye and Layavozhskoye fields in the Nenets Autonomous Area. The document outlines the general terms and procedure for setting up a joint venture on a parity basis to carry out the project.


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