Russian NOC Gazprom has signed an agreement with BASF to expand gas production with Wintershall at the Achimov deposits of Urengoy natural gas and condensate field in Russia.
Thursday, Alexander Medvedev, Deputy Chairman of the Management Committee of OAO Gazprom, and Dr. Hans-Ulrich Engel, Board member of BASF, responsible for the Oil & Gas Division, signed in St. Petersburg a Memorandum which foresees possible development on a parity basis of two additional sites of the Achimov deposits of the Urengoy field. The document also stipulates Gazprom will receive equivalent stakes in the Wintershall’s exploration and production projects in the North Sea.
“Constructive partnership between Gazprom and Wintershall allows us to embark on projects most ambitious from the technological point of view. Together with our German colleagues, we are ready to expand gas production at Achimov deposits of the Urengoy field, and also cooperate in the Wintershall’s production projects for a common benefit,” Alexander Medvedev said.
Development of the hardly-accessible Achimov deposits makes it possible to extract additional gas and gas condensate volumes from declining fields, as well as to implement Gazprom's strategy on raising natural gas production.
Wintershall Holding GmbH is a wholly owned subsidiary of the BASF group, focused on energy. Gazprom and Wintershall have set up joint ventures: WINGAS and WIEH.
BASF SE and Wintershall Holding GmbH are partnering OAO Gazprom in the development of the Yuzhno-Russky oil and gas field, in the testing of industrial use of the Block 1A of the Achimov deposits in the Urengoy field, as well as cooperating in the construction of the Nord Stream pipeline.