Repsol and Gazprom Neft have signed a memorandum of understanding (MOU) to increase collaboration between both companies in West Siberia. The MOU commits the companies to seek new opportunities in collaboration to increase regional exploration activity. Either company will be able to pursue opportunities individually after the partner exercises a right of first refusal. During 2014, Repsol announced two hydrocarbon discoveries in the area at Karabashsky blocks 1 and 2, for which the recoverable resources are estimated at 240 million BOE by the Russian Federation’s Ministry of Natural Resources and Environment.
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