Mar 11 - Gazprom and Wintershall Intend to Expand Gas Production of Achimov Deposits of the Urengoy Field

Source Company Web Site
Company Wintershall Dea GmbH 
Tags LNG & Gas Storage/Processing, Upstream Activities
Date March 10, 2011

Today, Alexander Medvedev, Deputy Chairman of the Management Committee of OAO Gazprom, and Dr. Hans-Ulrich Engel, Board member of BASF, responsible for the Oil & Gas Division, signed in St. Petersburg a Memorandum which foresees possible development on a parity basis of two additional sites of the Achimov deposits of the Urengoy field. The document stipulates Gazprom will receive equivalent stakes in Wintershall's exploration and production projects in the North Sea.

"Constructive partnership between Gazprom and Wintershall allows us to embark on projects most ambitious from the technological point of view. Together with our German colleagues, we are ready to expand gas production at Achimov deposits of the Urengoy field, and also cooperate in Wintershall's production projects for a common benefit", Alexander Medvedev said. "The joint production by Wintershall and  Gazprom from the Achimov deposit is an impressive example of our long-standing and successful cooperation model of working together in partnership and complementing each other's strengths along the entire value-added chain", Dr. Hans-Ulrich Engel explained.

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