Background

Gazprom and LUKOIL are bound by the 2014–2024 General Agreement on Strategic Partnership, pursuant to which, among other things, LUKOIL supplies gas into Gazprom's gas transmission system.

In 2020, Gazprom and LUKOIL signed the Master Agreement on the terms of the development of the Vaneyvisskoye and Layavozhskoye fields located in the Nenets Autonomous Area. In order to implement the project, a joint project company – Layavozhneftegaz – was set up in 2021. Gazprom transferred to it the subsurface use license for the area that includes Vaneyvisskoye and Layavozhskoye.