Vareineftegas

History

2023: Building a Company

On December 26, 2023, it became known that Lukoil and Norilsk Nickel created a joint venture Vareineftegaz with equal share participation. Within the framework of this project, a large oil and gas cluster is being formed, consisting of five gas sections in the Krasnoyarsk Territory and the Yamalo-Nenets Autonomous Okrug (Yamalo-Nenets Autonomous Okrug).

According to the Kommersant newspaper, Lukoil contributed to Vareineftegaz the North-Vareisky plot-1, Norilsk Nickel - North-Vareisky-2 and North-Vareisky-3. These sites, located in the Yamalo-Nenets Autonomous Okrug, have total resources in categories D1 + D2 in the amount of 68 million tons of oil and condensate and 323 billion cubic meters of gas. In addition, Lukoil will provide the joint venture with plots in Taimyr (Krasnoyarsk Territory) - South Payutsky and South Ushakovsky with total resources of 8 million tons of oil and 182 billion cubic meters of gas.

Lukoil and Norilsk Nickel have created a joint venture Vareineftegaz

The total recoverable gas resources at all five sites, according to Rosnedra, are 356.9 billion cubic meters in category D1 and almost 150 billion cubic meters in category D2. Licenses for all of the listed sites have been re-issued to Vareineftegaz: they were issued to the Yamalo-Nenets Autonomous Okrug until October-November 2047, and to the Krasnoyarsk Territory until October 2050. In the future, Lukoil may contribute the Laduket site in the Krasnoyarsk Territory to the joint venture.

It is said that Norilsk Nickel is interested in providing gas to the Norilsk industrial region, while Lukoil is looking for ways to increase its resource base. The creation of Vareineftegaz will help companies achieve these goals. At the same time, as of the end of 2023, Norilsk Nickel is producing at fields in the Krasnoyarsk Territory - Pelyatkinsky, South Soleninsky, North Soleninsky, Messoyakhsky: their reserves are estimated at 250 billion cubic meters of gas and 5 million tons of condensate. In addition, Nornickel is implementing several energy-intensive projects.^[1]

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