Shell agrees to sell 50% in JV developing Salym field

The British energy company Shell agreed with “Gazprom oil” at the end of December last year on the sale of its stake in a joint venture (JV) LLC “Salym development”, it is said in report companies.

In July “Gazprom Neft» filed an application for the transfer of a joint venture from Shell to Russian jurisdiction and the transformation of Salym Petroleum Development NV into Salym Development LLC with an authorized capital of 8.6 million rubles, in August the court granted it, wrote “Vedomosti”.

“On December 22, 2022, Shell signed documents on a deal with Gazprom Neft to sell its 50% stake in Salym Petroleum Development. The completion of the transaction is subject to a number of approvals in the Russian Federation,” the document says.

The Salym Petroleum Development joint venture is developing the Salymskoye field in the Khanty-Mansiysk Autonomous Okrug in Western Siberia. Production at the field is about 6 million tons per year. Salym Petroleum is one of the oldest oil and gas joint ventures in Russia, established in 1996. It owns six licenses for the fields of the Salym group. Gazprom Neft entered the capital of the joint venture in the late 2000s.

The Anglo-British company announced its decision to withdraw from Russian projects after the start of the NWO in Ukraine. In a report dated July 28, 2022, Shell announced that its representatives left the board of directors of Salym Petroleum Development NV. After that, joint control over the JV was lost and Salym is now accounted for by the company “as an asset with a zero carrying value.”