Final Contracts Signed for Development of the Urengoy Field

Gazprom, OOO Urengojgazprom, Wintershall AG and OOO Achimgaz signed the final contracts for the joint development of area 1A of the Achimov formation of the Urengoy field.

These final contracts take the basic agreement between Gazprom, OOO Urengojgazprom and Wintershall AG and the strategic cooperation agreement between BASF AG and Gazprom a step further.

The signing of the documents by the Russian and German parties concludes the last formal stage of the Achimgaz joint venture and signals the start of the operational phase.

OOO Achimgaz is responsible for project development.

OOO Achimgaz was established in July 2003 as a joint venture on a parity basis between OOO Urengojgazprom and Wintershall AG with the aim of developing the first test areas of the Achimov formation of the Urengoy oil, gas and condensate field.

Forecasted production over the whole development period (43 years) is around 200 billion cubic meters of gas and 40 million tons of condensate. Continuous production is expected to yield around 8.3 billion cubic meters of gas and 2.8 million tons of condensate annually.

The Achimov formation is located at a depth of 3150 - 3800 meters and has a much more complex geological structure than the Cenomanian and Valanginian deposits, which are not as deep and are already being developed. Wintershall AG has advanced modern technologies, the required equipment and the experience to drill deep subhorizontal wells under difficult geological conditions, essential for developing the Achimov formation of the Urengoy field. The Achimov formation of the Urengoy field is divided into 6 areas that will be developed in stages.
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