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Russia's Lukoil looks set to replace Repsol in a Siberian joint venture with Gazprom Neft that the Spanish company withdrew from in late 2021 as part of a global review of its upstream oil and gas portfolio. Russian business daily Kommersant reported that the country's number 2 and number 3 oil producers will team up in a joint venture based around Gazprom Neft's Eurotek-Yugra subsidiary. Eurotek-Yugra holds the license for the Erviye field, which is estimated to hold almost 250 million boe of recoverable resources. The field was discovered in 2013 and is located in the Karabashsky blocks 1 and 2 in West Siberia. Lukoil's joint venture deal with Gazprom Neft is the latest example of Russian companies stepping in to pick up assets abandoned by Western companies, while companies from Russia-friendly countries such as China and India hold back. In another recent example, Russia's top independent gas producer Novatek is set to replace Shell in the Sakhalin-2 project in Russia's Far East.

M&A, Corporate Strategy , Exploration
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