Gazprom Neft, Repsol Sign MoU

Gazprom Neft has signed a memorandum of understanding with Spain’s Repsol. The memorandum outlines areas for evolving collaboration through a joint enterprise to develop hydrocarbon resources in the Khanty-Mansiysk Autonomous Okrug-Yugra, a region that contains around 70% of Russia’s developed oilfields. The document was signed by Gazprom Neft CEO Alexander Dyukov and Repsol CEO Josu Jon Imaz, World Oil reported. The agreement confirms both parties’ interest in the further development of Evrotek-Yugra, a joint enterprise between Gazprom Neft and Repsol, and formalizes both companies’ mutual interest in investigating, purchasing and developing license blocks in the Khanty-Mansiysk Autonomous Okrug, neighboring assets owned by Evrotek-Yugra. Gazprom Neft acquired a 25.02% interest in Evrotek-Yugra, which owns seven subsoil development licenses in the Khanty-Mansiysk Autonomous Okrug from Repsol, with the right to increase its holding to 50%. Both parties will be managing the joint enterprise on a parity basis.