Strategy
The development strategy of Gazprom as a global energy company is aimed at arranging the entire hydrocarbon chain from production to sales in new markets and based on production capacities beyond Russia.
In pursuance of this strategy the Company maintains cooperation aimed at developing hydrocarbon resources in Venezuela, Vietnam, India, Bolivia, Algeria, Libya and the Caspian Sea as well as studies the possibility of participating in oil and gas projects in Egypt and Pakistan.
Cooperation
Gazprom operates in Venezuela according to the Memorandum of Understanding signed in January 2005 with Venezuelan state-run oil and gas company PdVSA. The document implies Gazprom’s possible participation in joint oil and gas projects with PdVSA.
Contracts for developing the General Scheme for the gas industry development in Venezuela and the Framework Agreement on rendering a wide range of engineering and consulting services were signed with the Venezuelan party.
In September 2008 Gazprom and PdVSA signed the Memorandum of Understanding on the Blanquilla Este y Tortuga project providing for natural gas exploration and production offshore Venezuela, delivery to the domestic market as well as liquefaction and export.
License awarding ceremony of October 4, 2005. From left to right: Alexey Miller, Chairman of the Gazprom Management Committee, Hugo Chavez, President of Venezuela and Vasily Podyuk, former Member of the Gazprom Management Committee – Head of the Department for Gas, Gas Condensate and Oil Production
Rafael Urdaneta project
In September 2005 Gazprom was announced the winner of the tender for exploration and development of natural gas fields in the Gulf of Venezuela as part of the Rafael Urdaneta project (Urumaco I and Urumaco II blocks).
The forecasted natural gas reserves of the blocks average 100 billion cubic meters.
According to the tender terms for Urumaco I and Urumaco II blocks Gazprom founded UrdanetaGazprom I and UrdanetaGazprom II companies, which assumed operatorship of the respective licensed blocks.
In May 2007 under the terms of the licenses issued, the first stage of geological exploration was completed and the decision was taken to drill exploratory wells.
At present, stage two of the geological exploration is in progress that provides for drilling a single prospecting well in each block. Drilling of the Urumaco I prospecting well was completed in 2009. The acquired data is being analyzed.
Orinoco River basin heavy oil projects
In order to implement projects in Latin America the National Oil Consortium (NOC) was established comprising the following Russian oil and gas companies: Gazprom neft, Lukoil, NK Rosneft, Surgutneftegaz, TNK-BP each with equal shareholdings of 20 per cent.
NOC and PdVSA set up the PetroMiranda joint venture to develop the Junin-6 block. NOC has paid the first tranche (USD 600 million) of the bonus to the Bolivarian Republic of Venezuela for the right to participate in the JV. The certification procedure has been finalized for the Ayacucho-3 block reserves. The possibility of NOC’s entry in the block development project is being studied.