Today Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Dr. Hans-Ulrich Engel, Member of the BASF Board of Executive Directors, responsible for the Oil & Gas Division, signed in Saint Petersburg a Memorandum stipulating possible development on a parity basis of two additional blocks in the Achimov deposits of the Urengoy field. Pursuant to the document, Gazprom will receive equivalent stakes in Wintershall's exploration and production projects in the North Sea.
“The constructive partnership between Gazprom and Wintershall enables us to embark on the most technologically challenging projects. Together with our German colleagues we are ready to expand gas production from the Achimov deposits of the Urengoy field as well as cooperate on Wintershall's production projects for a common benefit,” Alexander Medvedev said.
“Joint development of the Achimov deposits by Wintershall and Gazprom is an embodiment of our long-standing successful cooperation model noted for the partnership spirit and mutual complementation of each other's advantageous qualities throughout the entire value chain,” Dr. Hans-Ulrich Engel said.
BASF SE is one of the world's leading petrochemical companies. Its operational activities are focused on the following segments: chemicals, plastics, crop protection products as well as hydrocarbons extraction and transportation.
Being a wholly owned subsidiary of BASF, Wintershall Holding AG operates in the power generation industry. Gazprom and Wintershall Holding AG have been cooperating for about 20 years now. The companies have established WINGAS and WIEH joint ventures.
BASF SE and Wintershall Holding GmbH partner with Gazprom in developing the Yuzhno-Russkoye oil and gas field, pilot production from block 1A of the Achimov deposits in the Urengoy field as well as constructing the Nord Stream gas pipeline.