The President of LUKOIL, Vagit Alekperov; and Chairman of the Management Committee of Gazprom, Alexey Miller, have discussed the progress in establishing a joint venture (JV) to implement the project of developing Vaneyvisskoye and Layavozhskoye fields, according to a press release issued by LUKOIL.

This came during a meeting held between the two parties in Saint Petersburg to discuss the cooperation between the two companies.

The Vaneyvisskoye and Layavozhskoye fields are located at the east of Naryan-Mar in the Nenets Autonomous District.  The total recoverable reserves of the two fields stand at 27.4 million tons (mmt) of liquid hydrocarbons and 225.3 billion cubic meters (bcm) of natural gas.

It should be noted that, in 2020, LUKOIL and Gazprom signed the Master Agreement to implement the project of developing the Vaneyvisskoye and Layavozhskoye fields. In particular, the agreement stated that the creation of a joint venture for implementing the project by the subsidiaries of LUKOIL and Gazprom: LUKOIL-Komi and Gazprom Dobycha Krasnodar.