Gazprom has signed a Call Option Agreement with Lundin Petroleum AB on purchasing a 50 percent plus one share stake in the company owning rights to develop the Lagansky Block located in the Russian sector of the Caspian Sea.

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Lundin Petroleum AB is an independent Swedish oil and gas company. The company operates in Europe, Africa and Asia. The company participates in five Russian projects.

The Lagansky Block is located in the Northern part of the Caspian Sea offshore area. There are three perspective structures at the Lagansky block such as Morskaya, Laganskaya, Petrovskaya. The Rakushechnoye, Severo-Rakushechnoye, V. Filanovsky, and Y. Korchigan fields were discovered near the Lagansky Block. The Lagansky Block’s potential gas reserves are more than 800 mln barrels of oil equivalent.