Oil giant Shell’s plans to build a strategic alliance with Gazprom could be affected after the US placed one of the Russian company’s biggest oil fields under sanction.
Earlier this year the two companies signed an agreement which would see them develop an alliance in the gas sector.
The deal could see them work in a number of areas including exploration and production, to sales – which could include asset swaps.
Central to that move has been the development of the Yuzhno-Kirinskoye field on the island of Sakhalin in the Pacific.
It is understood Gazprom was believed to be considering selling a stake in Sakhalin-3 to Shell, which confirmed only last week that it was interested in buying a share, possibly through an asset swap.
It may now have to rethink those plans.
On Friday the US government said it was restricting exports, re-exports and transfers of technology and equipment to the Yuzhno-Kirinskoye field.
Shell, with considerable assets in the United States, would face consequences if it went against the sanction, as would other potential foreign investors.
US officials have repeatedly said that sanctions on Russia’s energy sector – part of broader penalties imposed since 2014 over Moscow’s involvement in Ukraine – would target new projects, not existing supplies as that could cause a spike in global energy prices.
Gazprom wants Sakhalin-3 to provide gas to expand capacity at Sakhalin-2 to as much as 15 million tonnes a year by the next decade from 10 million currently.
Shell is the only foreign investor to have expressed interest so far.
A spokeswoman for the company said: “Shell remains committed to working in Russia and we value working with our Russian partners and colleagues.”
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