Final Contracts Signed for Development of the Urengoy Field
Wintershall
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.
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.
RELATED COMPANIES
Most Popular Articles
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension