ST. PETERSBURG, Jun 4 (PRIME) -- Russian oil company Gazprom Neft and independent gas producer Novatek has signed an agreement to establish a joint venture to develop the Severo-Vrangelevsky license area on the Arctic shelf, the companies said in a joint statement on Friday.
Under the deal, Novatek will acquire 49% in Gazpromneft-Sakhalin, a subsidiary of Gazprom Neft that has a license to explore and develop hydrocarbons within the Severo-Vrangelevsky area. Gazprom Neft will hold a 51% in the joint venture.
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