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Monday, June 23, 2008

Gazprom Neft, Chevron negotiate new joint venture in West Siberia

MOSCOW, June 20 (RIA Novosti) - Gazprom Neft [RTS: GAZP], the oil arm of Russian energy giant Gazprom, is negotiating a second joint venture with Chevron to develop an additional oil field in West Siberia, its president said on Friday. Gazprom Neft and the U.S. oil major opened their first joint venture, Severnaya Taiga Neftegaz, last November, and hold 75% and 25%, respectively. "We are negotiating another area in West Siberia, Russia. Although we have received no notification from Chevron on the issue, on the whole they are ready [to set up a joint venture]," Alexander Dyukov said. The official said Gazprom Neft was keen to develop offshore areas in the Barents and Kara seas in northwest Russia, and had also been eyeing oil fields in Venezuela and Africa. Gazprom Neft, in which Gazprom has a 75% stake and Italy's ENI another 20%, produced 42 million metric tons [308 million barrels] of crude in 2007. Gazprom blocked Chevron from the Shtokman project to develop the Arctic gas field with estimated gas reserves of 3.7 trillion cubic meters last October. The U.S. oil company has long been seeking to enter Russia's lucrative oil and gas market.

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