PRESS: Lukoil may replace Repsol in Gazprom Neft’s Karabash proj

MOSCOW, Sep 12 (PRIME) -- Russian oil company Lukoil may replace Spanish energy company Repsol in oil company Gazprom Neft’s Eurotek-Yugra, which owns license fields of the Karabash project in the Khanty-Mansi Autonomous District, Kommersant business daily reported on Monday citing sources.

“Gazprom Neft and Lukoil may announce the entry of the latter into Eurotek-Yugra in the coming weeks. Gazprom Neft owns 100% in Eurotek-Yugra after it bought 50% from Spain's Repsol at the end of last year. As a result of the deal Lukoil may essentially receive a stake of the Spanish company,” the daily reported.

Gazprom Neft acquired Repsol's stakes in two joint projects, Eurotek-Yugra and ASB GEO, which own the Karabash fields, consolidating 100% of the assets. The company was considering various scenarios of their development, including attracting another partner.

One of the sources told the daily that Repsol decided to leave its production assets in Russia because of business optimization and its discontent with the economy of Eurotek-Yugra.

End