Gazprom and Shell created the joint venture.

Gazprom, a global energy company, and Shell, an international energy company, created a joint venture to develop the Gydan Peninsula hydrocarbon cluster. The partners will each have a 50% interest in the capital of the joint venture. Financial terms were not disclosed. “Gydan is an area of strategic interest for Gazprom Neft. Assuming our geological hypotheses are confirmed, we can look forward to a new hydrocarbon cluster coming to the fore on the peninsula. We’ll be splitting investments on this project with our strategic partner, Shell, and combining our experience and technological expertise," Vadim Yakovlev, Deputy CEO for Exploration and Production, Gazprom Neft.