Lukoil and Gazprom signed a Master Agreement to develop Vaneyvisskoye and Layavozhskoye fields in the Nenets region, Russia.

The Vaneyvisskoye and Layavozhskoye fields have reserves of 27.4 million tons (mmt) of liquid hydrocarbons and 225.3 billion cubic meters (bcm) of natural gas. Lukoil and Gazprom agreed to establish a joint venture (JV) to carry out the project and develop the fields. The JV will handle the design and survey work as well as the documentation for the construction of field facilities and infrastructure for hydrocarbon treatment. The JV will also be responsible for transport to Lukoil’s oil receiving facility and an entry point to Gazprom’s gas transportation system.