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Gazprom Neft and Repsol Sign Technological Co-operation Agreement

, press release

Gazprom Neft has signed an agreement on technological cooperation with Spain’s Repsol in the course of St. Petersburg International Economic Forum. The document was signed by Vadim Yakovlev, First Deputy CEO, Gazprom Neft, and Luis Cabra, Upstream Executive Managing Director, Repsol.

On the photo (from left to right): Vadim Yakovlev, First Deputy CEO, Gazprom Neft, and Luis Cabra, Upstream Executive Managing Director, Repsol

The agreement involves co-operation in research and development of new technologies in oil and gas exploration and production. In particular, it concerns the development of Karabashskaya zone in the South-West of Khanty-Mansi Autonomous District, which is being developed by Evrotek-Yugra, a joint venture of Gazprom Neft and Repsol. The venture owns subsoil licenses for seven areas in the region with another six owned by Gazprom Neft.

The areas of co-operation between the Russian and the Spanish company include optimization of exploration and appraisal activities, research in digital petrophysics with artificial intelligence and in chemical methods to improve oil recovery, sharing experience in development of tight oilfields.

Vadim Yakovlev, First Deputy CEO of Gazprom Neft, says, “We are continuing to develop our partnership with Spain’s Repsol, one of the largest companies in Europe. Our collaboration in Khanty-Mansi Autonomous Region allows us to share the most advanced digital technologies and develop new tools for effective and efficient hydrocarbon production. I am sure our companies’ shared experience will allow us to develop successfully oil reserves of Karabashskaya zone that have not been thoroughly explored.”

In July 2017, Gazprom Neft acquired a 25.02 % share in Evrotek-Yugra owned by Spain’s Repsol. According to the shareholders agreement, the parties manage the joint venture pari passu, with Gazprom Neft allowed to increase its share in the venture to 50 %.

Repsol, one of the world’s leading public oil and gas companies, operates in over 40 countries. Its production is approximately 700 thousand barrels of oil equivalent a day. Repsol operations include oil processing, transportation and distribution of various types of fuel and lubricants.

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