Net profit of Achimgaz nearly doubled in Q1 2014

The net profit of Achimgaz, the joint venture of Gazprom and Wintershall nearly doubled to 3.241 billion rubles by ISA in Q1 2014. Revenue was 4.671 billion rubles compared to 2.458 billion rubles a year ago. The joint venture was founded in July 2003 on a parity basis for the development of the trial site of the Achimov deposits at the Urengoy site. The deposits are located at depth of 4,000 m with abnormaly high layer pressure. They are burdened with hard paraffines that complicates their development. Under the results of geological exploration, the productivity of the Achimov deposits is confirmed at a large territory of the Nadym-Pur-Taz region. The majority hydrocarbon reserves of the Achimov deposits are concentrated at the Urengoy oil and gas condensate site.