NOVATEK & Gazprom Neft Create JV for North-Vrangelevskiy License
As part of Saint-Petersburg International Economic Forum, PAO NOVATEK and PAO Gazprom Neft concluded a transaction on NOVATEK’s acquisition of a 49% participation interest in OOO Gazpromneft Sakhalin owning a geological survey, exploration and production license for the North-Vrangelevskiy license area. The transaction builds on the Agreement on joint Arctic development signed by the parties in June 2019 at the Saint-Petersburg International Economic Forum.
The Parties plan to conduct exploration work on a parity basis at the North-Vrangelevskiy license area located in the eastern part of the East Siberian Sea and the western part of the Chukchi Sea. The water depth within the license area is 20-90 meters.