In 2017, our presence
in Russia was focused
on our Upstream business
- Production / development
As of December 31st, 2017, we owned mineral rights to seven exploration blocks with a net surface area of 2,272 km2 and 18 production/development blocks with a net surface area of 169 km2.
Net production in 2017 totaled 3.9 mbbl of liquids and 11.2 bscf of natural gas, with a total net production of 5.9 mboe (16,051 boe/d). Net reserves were estimated at 29.1 mboe at year-end.
Repsol operates through a joint venture (AR Oil and Gas B.V., or "AROG") in Russia with the company NNK, which merged with the company Alliance in 2014. This joint venture enables the combination of Alliance's knowledge and access to exploration and production opportunities with Repsol's technical and financial capabilities, resulting in a long-term alliance focused on exploration and production. The agreement also includes a joint search for new growth opportunities through the acquisition of oil and gas assets in Russia. The formation of the joint venture AROG, 51% owned by Alliance Oil/NNK and 49% owned by Repsol, was completed in late January 2013.
- In June, Repsol and the Russian company Gazprom Neft reached an agreement for the latter to acquire 25% of Repsol's stake in the company Eurotek Neft. Thus, Repsol and Gazprom Neft will jointly manage Eurotek Yugra. Eurotek Yugra has seven licenses in the westernmost zone of the West Siberian Basin (Karabashky 1, 2, 3, 9, 78, 79, and Kileyski licenses). A memorandum of understanding was also signed as part of this agreement in order to strengthen collaboration between the two companies in West Siberia, as well as explore joint investments in the area surrounding Eurotek Yugra's assets.
Net surface area
of mineral rights
Information on net production, net proved reserves, and mineral rights
as of December 31st, 2017