Gazprom Teams Up with Chevron

According to late reports, Gazprom and Chevron have disclosed an agreement on a joint venture called Severnaya Taiga Neftegaz, which will seek to develop western Siberian oil fields. Evidently the venture has existed since last November. Gazprom currently controls 30% of the venture, but a spokesperson for Gazprom said that the stake would raise to 50%. Western Siberia, located between Ural Mountains and the Yenisey River is the richest petroleum province in Russia with about 600 oil and gas fields. One can’t help but wonder if the Siberia joint venture played into the Shtokman bait and switch game – Chevron being one of the energy multinationals teased with a possible stake.