ST. PETERSBURG, Russia -- Gazprom and Wintershall have signed a memorandum concerning possible joint development of gas reserves in northern Russia.
The agreement concerns the Achimov deposits of the onshore Urengoy field, 3,500 km (2,175 mi.) northeast of Moscow, which could head to Western Europe via the new Nord Stream pipeline in the Baltic Sea.
ZAO Achimgaz, a jointly owned subsidiary of the two companies, aims to produce up to 200 bcm (7 tcf) of gas from block 1A of the Achimov horizon.
In exchange, Gazprom would receive equivalent stakes in Wintershall’s exploration and production projects in the North Sea.
Gazprom, Wintershall expand cooperation