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Lundin Signs HOA With Rosneft in Russia

Source: www.gulfoilandgas.com 10/2/2013, Location: Asia

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that Lundin Petroleum and its partner Gunvor Group (Gunvor) have entered into a Heads of Agreement with Rosneft Oil Company (Rosneft) to jointly sell 51 percent of LLC Petroresurs.

LLC Petroresurs is the 100 percent owner of the Lagansky block licence located in the Russian part of the Caspian Sea. The Lagansky block licence contains the Morskoye discovery with best estimate gross contingent resources of 157 MMboe. Lundin Petroleum currently has a 70 percent shareholding in LLC Petroresurs, with Gunvor holding the remaining 30 percent.

The consideration is related to historical costs spent on the Lagansky block licence by Lundin Petroleum and Gunvor, and will be made in deferred payments. After the transaction is completed, Lundin Petroleum will have an indirect 34.3 percent interest in the Lagansky block licence through its shareholding in LLC Petroresurs.

As part of the agreement, Rosneft and Lundin Petroleum have agreed to investigate possible cooperation in the Norwegian and Russian offshore sectors.

Ashley Heppenstall, President and CEO of Lundin Petroleum comments: "This transaction will allow the partners to realise the full potential of this exciting opportunity and to move forward with appraisal and development."

For more information about related Opportunities and Key Players visit Caspian Region Projects

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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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