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Gazprom and Lukoil sign strategic partnership agreement for 2025-2030

The agreement provides for interaction in scientific, technical, environmental, social, personnel and other areas of activity, as well as the possibility of jointly implementing new promising projects

MOSCOW, December 20. /TASS/. Gazprom CEO Alexey Miller and the managements of the Lukoil oil major held a working meeting, during which they signed a general agreement on strategic partnership for 2025-2030.

"The parties signed a general agreement on strategic partnership for 2025-2030. The current agreement expires in 2024. The companies will continue to develop cooperation in such areas as exploration, production, transportation, processing of gas, gas condensate and oil, marketing of hydrocarbons and their processed products, production of modern engineering products for the needs of the industry," Gazprom said in a statement.

The agreement provides for interaction in scientific, technical, environmental, social, personnel and other areas of activity, as well as the possibility of jointly implementing new promising projects. In particular, the companies reviewed the progress of work on the development of the the Layavozhskoye and Vaneyvisskoye fields in the Nenets Autonomous District.

In 2020, Gazprom and Lukoil signed a basic agreement on the terms of the project to develop the Vaneyvisskoye and Layavozhskoye fields in the Nenets Autonomous District, Russia’s Arctic region.

To implement the project, the companies set up a joint venture, Layavozhneftegaz, in 2021. Investments were estimated at approximately 200 billion rubles ($1.9 bln). At the end of 2021, Layavozhneftegaz received a license for the fields from Gazprom.

The Vaneyvisskoye and Layavozhskoye fields are located east of the city of Naryan-Mar. The total recoverable reserves of liquid hydrocarbons at the two fields are 27.4 million tons, and natural gas reserves amount to 225.3 billion cubic meters.

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