In June, an agreement was reached for Repsol and the Russian company Gazprom Neft to jointly manage Eurotek Yugra, which owns seven licenses in Western Siberia. Both companies also signed a memorandum to strengthen their cooperation in the region and explore joint investments in the area near the Eurotek Yugra assets.
In Russia we operate through a joint venture (AR Oil and Gas B.V. or AROG) with the company Alliance, which merged with the company NNK in 2014. This joint venture enables the combination of Alliance's knowledge and access to exploration and production opportunities with Repsol's technical and financial capabilities, resulting in a long-term exploration and production alliance. The agreement also includes a joint search for new growth opportunities through the acquisition of oil and gas assets in Russia.
AROG, which is 51% owned by Alliance Oil / NNK and 49% owned by Repsol, was formed in late January 2013 after the inclusion of the assets Repsol acquired from Eurotek. These assets include two important gas fields: Syskonsyninskoye (SK), which began production at the end of February 2013, and Yuzhno-Khadyryakhinskoye (YK), which is in the final evaluation phase.