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. Last Updated: 07/27/2016

Wintershall in Oil JV

NICE, France -- German oil and gas company Wintershall said Thursday it planned to create a 50:50 joint venture with gas monopoly Gazprom to explore the Prirazlomnoye offshore oil field to the south of Novaya Zemlya.

"The future of the project will largely depend on the signing of a production sharing agreement with the Russian government," Wintershall chairman Herbert Detharding said in an interview during the world gas congress in Nice.

"If it is signed, we are ready to invest with Gazprom over $1 billion in this project by 2003," he added.

The costs of the project are estimated at over $1.5 billion, of which over $800 million will be spent on the construction of an oil platform capable of operating in Arctic conditions.