Gazprom and Irkutsk Oil Company contemplating joint development project in Krasnoyarsk Territory

Oleg Aksyutin, Deputy Chairman of the Gazprom Management Committee, Head of Department, and Nikolai Buynov, Chairman of the Board of Directors of Irkutsk Oil Company, today signed at the 9th St. Petersburg International Gas Forum a Memorandum of Intent.

Pursuant to the document, the companies intend to jointly set up the Project for exploration, production, transportation, processing and sale of hydrocarbons from the Sobinskoye and Paiginskoye fields, as well as the Paiginsky block, in the Krasnoyarsk Territory.

The parties drew up a list of measures to implement the Memorandum. In particular, they plan to prepare a feasibility study on the joint development of the aforementioned fields.

Background

Gazprom Dobycha Krasnodar (a wholly-owned subsidiary of Gazprom) is the license holder for the Sobinskoye oil, gas and condensate field.

The license for the Paiginsky block belongs to Paiga, an affiliate of Irkutsk Oil Company.

Irkutsk Oil Company is one of the largest independent hydrocarbon producers in Russia. The company and its affiliates are engaged in geological surveys, exploration and production of hydrocarbons within the fields and licensed areas of Eastern Siberia, namely in the Irkutsk Region, the Krasnoyarsk Territory, and the Republic of Sakha (Yakutia).