Suspended: Gazprom and Chevron stop Arctic work
Gazprom and Chevron stop Arctic work
Russian player Gazprom Neft - the oil arm of gas giant gazprom - has suspended work at its two projects with US supermajor Chevron in the Arctic Yamal-Nenets region.
"Gazprom Neft and Chevron have decided to suspend work in (Yamal). It hasn't been as promising as previously thought," Gapzrom Neft's spokeswoman Natalya Vyalkina said.
Two years ago Gazprom Neft and Chevron formed the Northern Taiga NefteGaz joint venture, set up by the companies to jointly produce hydrocarbons in the West Siberian region. Gazprom Neft owns 75% of the venture and Chevron holds the rest, said Reuters.
Gazprom Neft president Alexander Dyukov said last week that the company would be willing to work on another deposit with Chevron besides those in the joint venture.
The spokeswoman said an extra deposit would most likely be part of the original joint venture agreement and not a new one.
"The joint venture has not been liquidated, we'll think about which other areas we can develop," she said.