The MoU commits both companies to seek new opportunities in collaboration in order to grow exploratory activity in West Siberia. Either company will be able to pursue opportunities individually after the partner’s right of first refusal.
Eurotek Yugra, owned 75% by Repsol and 25% by Gazprom Neft, owns seven exploratory blocks in west Siberia, which is a relatively underexplored area of Russia with significant potential. Gazprom Neft has an option to increase its stake in Eurotek Yugra to 50%.
In 2014, Repsol announced two hydrocarbon discoveries in the Karabashsky 1 and 2 blocks in the area, whose recoverable resources are estimated at 240 million bbls of oil equivalent by the Ministry of Natural Resources and Environment of the Russian Federation.
