12 November 2008 10:53 [Source: ICIS news]
The joint venture plans to recover up to 200bn cubic metres (bcm) of natural gas and 40m tonnes of condensate from the Achimov formation over a period of more than 40 years, BASF said in a statement.
The natural gas production target during the plateau phase is up to 7.5bcm/year, it added.
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ZAO Achimgaz was founded in July 2003 as a joint venture by Gazprom subsidiary Gazprom dobytscha Urengoi and wholly owned BASF subsidiary Wintershall Holding, with both partners holding equal shares.
It is the second joint natural gas production project by Gazprom and BASF in
The Yuzhno Russkoye natural gas field was commissioned in 2007. It has recoverable natural gas reserves of more than 600bcm and supplies more than 50m cubic meters/day of natural gas.
“We will reach maximum production there of 25bcm/year of gas by the middle of 2009 – two years earlier than originally planned," said Hambrecht.
BASF added that the two companies were planning to make additional investments worth several billion euros in European natural gas infrastructure in the coming years.
Most of the planned investments would be earmarked for the construction of the Nord Stream Baltic Sea pipeline due to be commissioned in 2011, as well as the expansion of the German transport system and the construction of new natural gas storage facilities in Europe.
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