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Gazprom lands new strategic partner

London-listed Timan Oil & Gas has signed a strategic co-operation agreement with a Gazprom subsidiary.

Zapsib Gazprom, a subsidiary of Russian energy giant Gazprom, has acquired a new strategic partner. A co-operation agreement with the aim of developing oil and gas fields in northern Russia was signed on Thursday by Zapsib and Timan.

The agreement could lead to the investment of around US$ 500 million.

A major part of the deal is Zapsib-Gazprom's participation in the exploration and development of around 2,600 wells in the Nizhne Chutinskoye field of the Komi region.

Timan is an oil & gas exploration and production company and was incorporated in 2005 in order to participate in the consolidation and development of oil and gas projects in Russia and the countries of the former Soviet Union.