OREANDA-NEWS. 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. The document was signed by Gazprom Neft CEO Alexander Dyukov and Repsol CEO Josu Jon Imaz.

The Memorandum confirms both parties’ interest in the further development of Evrotek-Yugra (a joint enterprise between Gazprom Neft and Repsol), and formalises both companies’ mutual interest in investigating, purchasing and developing licence blocks in the Khanty-Mansiysk Autonomous Okrug, neighbouring assets owned by Evrotek-Yugra.

Gazprom Neft acquired a 25.02-percent interest in Evrotek-Yugra (which owns seven subsoil development licences in the Khanty-Mansiysk Autonomous Okrug) from Repsol, with the right to increase its holding to 50 percent. Both parties will be managing the joint enterprise on a parity basis.

Gazprom Neft CEO Alexander Dyukov commented:

“We are delighted to be developing our partnership with Repsol. The signing of this Memorandum is testament to the high value, and long-term nature, of our collaboration. With the latest technological capabilities at their disposal, both companies are well-placed to efficiently develop this joint project in the Khanty-Mansiysk Autonomous Okrug. I have no doubt that through the Evrotek-Yugra project, Gazprom Neft and Repsol will gain experience and expertise that will be essential to supporting our long-term growth.”