January 17, 2020 / 11:10 AM / a month ago

Shell-Gazprom Neft JV gets West Siberia license

FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw, Belgium January 30, 2019. REUTERS/Yves Herman/File Photo

MOSCOW (Reuters) - Shell and Russia’s Gazprom Neft have expanded their Russian joint venture by acquiring a license for exploration and production of conventional hydrocarbon reserves in West Siberia, the two companies said on Friday.

The JV, Salym Petroleum Development (SPD), will get the Salymsky 2 block in the Khanty Mansiisk Autonomous Region.

There are no field-specific infrastructure facilities at the site, the companies said.

“However, close proximity to the areas which are being developed by SPD will have a synergistic effect, allowing efficient use of the existing SPD production facilities,” they said.

SPD has been developing the Salym Group of oilfields in West Siberia since 2003.

According to Shell and Gazprom Neft, the Salym project is the largest onshore investment project involving foreign capital in the Russian oil industry.

Reporting by Olesya Astakhova; writing by Vladimir Soldatkin

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