Russia: Gazprom and LUKOIL Sign Agreement on Gas Supply

Yesterday at the Gazprom headquarters Alexey Miller, Chairman of the Company’s Management Committee and Vagit Alekperov, President of LUKOIL signed an Agreement on Gas Supply from the Bolshekhetskaya Depression and the Northern Caspian Sea.

Pursuant to the Agreement, LUKOIL will supply Gazprom with natural gas from the Bolshekhetskaya Depression fields between 2012 and 2016. Gas will be fed into Gazprom’s gas transmission system (GTS) near the Yamburgskaya compressor station. The document defines the amount of gas supply that is expected to reach 8.35 billion cubic meters in 2012. At the same time, potential alteration in the respective amounts depend on when the Bolshekhetskaya Depression fields are brought onstream and how Gazprom’s GTS is loaded.

According to the document, once LUKOIL beings gas production from the Northern Caspian Sea fields, Gazprom will make best efforts to receive all of the gas into its GTS as well as to supply equivalent amounts to LUKOIL Group under the exchange schemes.

[mappress]

Source: Gazprom, March 5, 2011;