OAO Gazprom’s deputy chairman of the Management Committee Alexander Medvedev and Hans Engel, board member of BASF responsible for the Oil & Gas Division, have signed a memorandum in St. Petersburg, which calls for the possible development on a parity basis of two additional sites of the Achimov deposits of the Urengoy field.

The document provides that Gazprom will receive equivalent stakes in Wintershall’s exploration and production projects in the North Sea.

“A constructive partnership between Gazprom and Wintershall allows us to embark on new projects from a technological point of view. Together with our German colleagues, we are ready to expand gas production at Achimov deposits of the Urengoy field and also to cooperate in Wintershall’s production projects for a common benefit,” Alexander Medvedev said.

“The joint production by Wintershall and Gazprom from the Achimov deposit is an impressive example of our long-standing and successful cooperation model of working together in partnership and complementing each other’s strengths along the entire value-added chain,” Dr Hans-Ulrich Engel explained.