Gazprom Neft Signs Deal with Shell on Hydrocarbon Cluster Joint Venture

Russian oil producer Gazprom Neft on Tuesday said it had signed an agreement with Shell to establish a joint venture to develop a large-scale hydrocarbon cluster on the Gydan peninsula in Siberia, Reuters reported.

The deal is scheduled to close in 2020, Gazprom Neft said, after which both partners will have a 50% share in the venture.