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Gazprom & Wintershall Intend to Expand Gas Production

Source: www.gulfoilandgas.com 3/10/2011, Location: Asia

Alexander Medvedev, Deputy Chairman of the Management Committee of OAO Gazprom, and Dr. Hans-Ulrich Engel, Board member of BASF, responsible for the Oil & Gas Division, signed in St. Petersburg a Memorandum which foresees possible development on a parity basis of two additional sites of the Achimov deposits of the Urengoy field. The document also stipulates Gazprom will receive equivalent stakes in the Wintershall's exploration and production projects in the North Sea.

"Constructive partnership between Gazprom and Wintershall allows us to embark on projects most ambitious from the technological point of view. Together with our German colleagues, we are ready to expand gas production at Achimov deposits of the Urengoy field, and also cooperate in the Wintershall's production projects for a common benefit," Alexander Medvedev said.

"Wintershall and Gazprom joint production at Achimov deposits is an embodiment of our long-standing successful cooperation model noted for working in the spirit of partnership and complementing each other's advantageous qualities through all the value chain," Dr. Hans-Ulrich Engel said.

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