A meeting of Gazprom’s Management Committee was held in absentia.

The Management Committee acknowledged the expediency of concluding a fundamental Agreement on the play 1A of the Achimov deposits at the Urengoiskoye field Project between Gazprom, Urengoigazprom, Wintershall AG and Achimgaz. The Agreement encompasses the mechanism of interaction between the parties while implementing the Project.

The issue is pending approval by Gazprom’s Board of Directors.

Reference:

The Achimgaz 50/50 joint venture was founded in July 2003 by Urengoigazprom and Wintershall AG. The company is being involved in the development of the 1st pilot play of the Achimov deposits at the Urengoiskoye oil and gas condensate field.

Some 200 bcm of gas and 40 mln t of condensate are planned to be produced over the entire development period (43 years), with roughly 8.3 bcm of gas and 2.8 mln t of condensate to be annually extracted during continuous production.

The Achimov formations lie as deep as 3,150-3,800 m and have a great deal more complex geologic structure than the Cenomanian and Valanginian deposits being currently under development. Wintershall counts on state-of-the-art technologies, equipment and vast experience of drilling super-depth sub-horizontal wells in the complex geologic environment, which is crucial for the development of the Urengoi Achimov deposits. The Achimov formations of the Urengoiskoye field are divided into 6 pilot plays to be developed on a stage-by-stage basis.

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