The Chief Executive Officers of Repsol and Gazprom Neft, Josu Jon Imaz and Alexander Dyukov, sign a memorandum of understanding to increase collaboration between both companies in West Siberia.

The Chief Executive Officers of Repsol and Gazprom Neft, Josu Jon Imaz and Alexander Dyukov, have signed a memorandum of understanding to increase collaboration between both companies in West Siberia.

The memorandum of understanding between the companies commits both to seek new opportunities in collaboration in order to grow exploratory activity in the region. Either company will be able to pursue opportunities individually after the partner’s right of first refusal.

Repsol in 2014 announced two hydrocarbon discoveries in the Karabashsky 1 and 2 blocks in the area, whose recoverable resources are estimated at 240 million barrels of oil equivalent by the Ministry of Natural Resources and Environment of the Russian Federation.

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