Gazprom has approved the creation of a joint venture with German energy firm Wintershall to develop untapped parts of a giant Siberian field. The project should help indebted Gazprom to raise more funds to develop its massive gas resources and to meet rising demand in Europe and inside Russia. Gazprom said the 50/50 joint venture would tap the deepest parts of the Urengoi field, one of the world’s largest, and was expected to produce a total of 118 billion cubic metres (bcm) of gas, enough to supply Germany for more than a year. The partners agreed to export a total of 36 bcm of gas and sell the remaining 82 bcm inside Russia. The venture also plans to produce 29 million tonnes of gas condensate, of which some nine million tonnes will be exported and the remaining 20 million refined at Gazprom’s Siberian refinery.
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