Gazprom Neft and Lukoil will establish a joint venture to develop an oil and gas cluster in the Nadym-Pur-Taz region of Yamalo-Nenets Autonomous District. Total geological reserves of the cluster are over 1 billion tons of oil and about 500 billion cubic meters of gas. The joint venture will be established on the basis of Meretoyakhaneftegaz, a subsidiary of Gazprom Neft, which the partners will manage on a parity basis.