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Gazprom, Lukoil in Arctic Alliance

Gazprom and Lukoil will support each other in bids for offshore projects and together counter the power of Rosneft. A key part of the cooperation will unfold in the Barents Sea.

The enhanced cooperation, which builds on the strategic partnership deal concluded in 2014, will enable the two companies to jointly promote their interests in government corridors. It will also enabel them to better confront the power of Rosneft, the state-owned company headed by former deputy Prime Minister Igor Sechin.

The two companies are already discussing the possible establishing a joint venture, which can develop the Medvezhe field in the Barents Sea. The joint venture, most likely controlled 66 percent by Gazprom and 34 percent by Lukoil, might also develop the neighboring structure of Demidovsy, Fersmanovsky and Ledovy, all of them licenses acquired by Gazprom in 2013 (Source: Barents Observer).