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Yamal Development Acquires 51% Stake in Severenergia

Source: www.gulfoilandgas.com 11/30/2010, Location: Asia

OAO NOVATEK announced the closing of the transaction for the acquisition of a 51% participation interest in OOO SeverEnergia by OOO Yamal Development, a 50/50 joint venture between NOVATEK and OAO Gazprom Neft. The remaining 49% interest in SeverEnergia is held by Artic Russia B.V. a 60/40 joint venture between Italian oil and gas and energy companies ENI S.p.A and Enel S.p.A, respectively.

The acquisition price for the 51% participation interest amounted to RR 48,714.74 million, including NOVATEK’s share of RR 24,357.37 million. Additionally, Yamal Development assumed an outstanding shareholder loan in the amount of RR 7,531.87 million, based on its pro rata interest in SeverEnergia, and NOVATEK’s share of the loan totaled RR 3,765.94 million. The total aggregate consideration for the acquisition was US$ 0.26 per barrel of oil equivalent1, based on the ABC1 + C2 reserves acquired from SeverEnergia.

SeverEnergia plans to use the combined experience of the Company and the other shareholders to optimize the development of its multi-layered gas, gas condensate and crude oil fields in order to effectively exploit the fields’ hydrocarbon reserves.

The Company will account for its 25.5% interest in SeverEnergia under the equity method.

OOO SeverEnergia holds 100% of the shares of OAO Arctic Gas, ZAO Urengoil Inc. and OAO Neftegaztechnologia, which hold licenses for the development of oil and gas condensate fields in the Yamal-Nenets Autonomous Region.

As of 1 January 2009, the reserves of OOO SeverEnergia, under the Russian reserve classification ABC1 + C2, totaled 1.26 trillion cubic meters of natural gas, 722 million tons of liquid hydrocarbons.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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