Shell walks away in western Siberia
Yamalo-Nenets joint venture with Gazprom Neft falls victim to capex cuts
Shell exited a commitment to partner Russian producer Gazprom Neft by taking a 50pc stake in its Meretoyakhaneftegaz subsidiary in mid-April—despite only having struck the deal last year. The joint venture (JV) was due to target 8bn bl of in-place oil at the Meretoyakhinskoye field and the surrounding area in the Yamalo-Nenets region. Work was slated to begin before year-end. Shell’s exit is due to the “challenging external environment,” the major says. And it is hardly a huge surprise given the 20pc cut to 2020 capex announced last month. But it is a blow to Gazprom Neft’s hopes of deepening the firms’ partnerships— having invited Shell to team up at new oil ventures across Siberia and the
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
