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Gazprom and BASF express appreciation for their cooperation in hydrocarbon production in Russia

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Kurt Bock, Chairman of the Board of Executive Directors of BASF, took place at the Company's headquarters.

A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Kurt Bock, Chairman of the Board of Executive Directors of BASF, took place on July 4, 2016, at the Company's headquarters.

The meeting touched upon the progress of and prospects for the joint development of the Achimov deposits in the Urengoyskoye field and the exploration of the Yuzhno-Russkoye field. The parties expressed appreciation for their cooperation in hydrocarbon production in Russia. It was highlighted that the Yuzhno-Russkoye field had produced over 200 billion cubic meters of natural gas since the start of operation.

Another issue discussed at the meeting was related to the collaboration on gas transmission from Russia to Germany. Special emphasis was placed on implementing the Nord Stream 2 project. The parties noted that the project was running on schedule and voiced confidence that the gas pipeline would be put onstream before the end of 2019.

 

BASF SE's portfolio includes oil and gas, chemicals, synthetics, and petroleum derivatives.

BASF and Wintershall Holding GmbH (a wholly-owned subsidiary of BASF) have a partnership with Gazprom to develop the Yuzhno-Russkoye oil, gas and condensate field and Blocks 1A, 4A and 5A in the Achimov deposits of the Urengoyskoye oil, gas and condensate field, as well as to cooperate on the Nord Stream and Nord Stream 2 projects.

Block A1 in the Achimov deposits of the Urengoyskoye field is developed by Achimgaz, a joint venture formed by Gazprom Dobycha Urengoy and Wintershall on equal terms. Since 2008, the number of active wells at the block has grown to 69, with 9 more wells to be brought onstream in 2016. It is planned to reach the design number – 113 wells – by 2018.

In 2015, Gazprom and BASF/Wintershall closed their asset swap deal. As a result, Wintershall obtained 25.01 per cent in the project for developing Blocks 4A and 5A in the Achimov deposits of the Urengoyskoye field.

Yuzhno-Russkoye, one of Russia's largest fields, is located in the Yamal-Nenets Autonomous Area. Its aggregate gas reserves are estimated at 1 trillion cubic meters.

Yuzhno-Russkoye is developed by Severneftegazprom, a joint venture of Gazprom (40%), Wintershall Holding GmbH (35%), and Uniper (25%).

Source : Neftegaz.RU