Lukoil and Gazprom sign swap deal for gas in 2012

Mar 14, 2011 12:00 AM

Russian oil major Lukoil said Russian gas monopoly Gazprom has agreed to buy natural gas from fields in West Siberia and the Caspian Sea, in a sign the gas giant is loosening its grip on the country’s pipeline system.
Lukoil signed a contract to continue supplying Gazprom with gas from its fields in the Yamal-Nenets autonomous region over 2012-16, the companies said.

Lukoil will supply 8.25 bn cm in 2012 but volumes in subsequent years could vary depending on whether Lukoil commissions wells in the Bolshekhetsky depression in Yamal-Nenets autonomous region and the available capacity in Gazprom’s pipeline system. Lukoil Nakhodkinskoye field in the Bolshekhetsky depression has been supplying gas to Gazprom since 2005, according to Gazprom.

Under the latest deal, which was signed by Lukoil CEO Vagit Alekperov and Gazprom CEO Alexei Miller, Lukoil will also be able to pump gas from its North Caspian field into Gazprom’s network, receiving an equal amount of gas in return elsewhere.

Gazprom has been accused of not giving independent producers fair access to its pipelines, undermining the domestic market and causing oil producers to flare large volumes of associated gas. Recently, Russian Prime Minister Vladimir Putin criticized Gazprom over pipeline access.

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