Russian oil company PJSC Gazprom Neft announced Dec. 29, 2018, that it signed a joint venture agreement with Spain's Repsol SA to explore the Karabashsky zone in the Khanty-Mansi Autonomous Okrug-Yugra in Russia.
The companies jointly acquired ASB Geo LLC, which holds the exploration license for the Karabashsky 10 block. They plan to start 2D seismic geological prospecting this year.
The joint venture holds hydrocarbon exploration licenses for blocks Karabashsky 1 and Karabashsky 2, including Karabashsky 3, Karabashsky 9 and the Kileisky blocks.
Gazprom Neft's investment in the joint venture will reach about 2.5 billion Russian rubles by the end of 2019.
As of Dec. 31, 2018, US$1 was equivalent to 69.44 Russian rubles.