Russia's Gazpromneft and Novatek to Set Up Joint Arctic Offshore Venture

Russian oil producer Gazpromneft has agreed with gas producer Novatek to set up an Arctic offshore joint venture and will together develop the North-Vrangelevskiy area, the companies said on Friday.

The companies plan to conduct exploration work in the eastern part of the East Siberian Sea and western part of the Chukchi Sea, Novatek said. The water depth within the area is 20-90 metres.

(Reuters, June 4, 2021)

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