Russian oil producer OAO Gazprom Neft (SIBN.RS) and U.S. major oil company Chevron Corp. (CVX) have decided to halt work at the Aikhettiskiy and Pyakutinsky fields owned by their joint venture company Northern Taiga Neftegaz, the newspaper Vedomosti reported Tuesday.
It cited a spokeswoman for Gazprom Neft as saying that the actual reserves of the two fields, located in Western Siberia's Yamalo-Nenets Autonomous Region, were "too small and unprofitable."
Chevron and Gazprom Neft don't plan to eliminate the joint venture, the two companies told Vedomosti, adding that they are discussing potential new projects.