Gazprom Neft Enters Project for SeverEnergia’s Fields Development

A Gazprom Neft's and NOVATEK's joint venture Yamal Razvitie (Yamal Development) has completed the acquisition of a 51 per cent stake in SeverEnergia LLC from Gazprom, Gazprom Neft reports. The total transaction amount including legal claims against SeverEnergia under the Shareholder Loan Agreement with Gazprom makes 56.3 bln. Rubles.

Yamal Razvitie is under parity control by Gazprom Neft and NOVATEK with the costs under the concluded transaction to be prorated between the partners.

"For Gazprom Neft, the development of the northern fields in the Yamalo-Nenets Autonomous District will become a new growth point. It will allow contributing to the Company's long-term strategy realization, - Chairman of Gazprom Neft Executive Board Alexander Dyukov pointed out. – Operating at SeverEnergia's fields, the Company will be enabled to reach synergies with other Gazprom Neft's projects in the region, i.e. Novoportovskiy and Messoyakhskiy".

Reference

In July 2010, Gazprom Neft and NOVATEK announced the establishment of a new joint venture Yamal Razvitie aimed at implementation of the projects for oil and gas condensate fields' development in the Yamalo-Nenets Autonomous Region. Gazprom Neft holds a 50 per cent stake in the charter capital of Yamal Razvitie. SeverEnergia wholly owns JSC Arktikgaz, CJSC Urengoil Inc., and JSC Neftegaztekhnologiya. The companies hold development and production licenses for oil and gas condensate fields in the Yamalo-Nenets Autonomous District including the Samburgskiy, Evo-Yakhinskiy, Yaro-Yakhinskiy, and Severo-Chaselskiy areas. The areas harbor 919 bln. m3 of gas, 330 mt of oil and 109 mt of gas condensate (category ABC1 + 50% C2). Prior to acquisition by Yamal Razvitie of a 51 per cent stake in SeverEnergia, the said stake was owned by Gazprom. The remaining 49 per cent in SeverEnergia are held by a joint venture of the Italian Eni (60%) and Enel (40%), Arctic Russia B.V.