Gazprom and LUKOIL sign gas supply agreements

Jun 19, 2015 12:00 AM

A working meeting between Alexey Miller, Chairman of the Management Committee and Vagit Alekperov, President of LUKOIL took place today within the St. Petersburg International Economic Forum 2015.

The parties addressed the progress with the General Agreement on Strategic Partnership, placing an emphasis on Gazprom’s gas purchases from LUKOIL in the long run.

At the end of the meeting the parties inked an addendum to the contract for gas supply from LUKOIL fields in the Bolshekhetskaya Depression, stipulating gas amounts for 2017 to 2024.

Besides, the Contract for gas supply from the Northern Caspian Sea fields developed by LUKOIL was signed for the period till 2024 inclusive. Gas will enter Gazprom’s gas transmission system (GTS) near the town of Budyonnovsk. The volume of annual gas supplies will be determined on the basis of available capacities and operating mode of Gazprom’s GTS, and also depending on the commissioning of the Northern Caspian Sea fields.

Background

Gazprom and LUKOIL signed the 2014–2024 General Agreement on Strategic Partnership for further cooperation in hydrocarbon feedstock supply, petrochemicals production as well as allocation of uncommitted oil and gas condensate resources at gas and oil processing plants both in Russia and abroad. The Agreement envisages the cooperation in developing production capacities and infrastructure facilities, their sci-tech, environmental and HR support as well as in other areas.

The joint projects of Gazprom and LUKOIL include processing of associated petroleum gas produced from the LUKOIL-Komi northern group of fields at Gazprom’s Sosnogorsk gas processing plant (GPP) as well as the participation together with Kazakh partners in geological exploration and development of the Tsentralnoye oil, gas and condensate field in the Caspian Sea.

The contract on supplying gas from LUKOIL fields in the Bolshekhetskaya Depression was concluded till the end of 2016.

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