Russian state-controlled oil company Rosneft has signed an approximately $1.8bn agreement to acquire a 40% interest in Arctic Russia from Italy’s largest power company Enel.
Rosneft’s subsidiary NGK Itera will acquire the stake, which provides the company with indirect ownership of a 19.6% stake in SeverEnergia.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
SeverEnergia is a joint venture (JV) of Yamal Development and Arctic Russia, which holds gas producing assets in Yamal-Nenets, an autonomous region of Russia.
Yamal Development is a JV of Novatek and Gazprom Neft, which holds a 51% stake in SeverEnergia, while the remaining 41% interest is held by Arctic Russia, a JV of Italy-based Eni and Enel.
SeverEnergia has licenses in nine fields such as Samburgskoye, Yaro-Yakhinskoye, Yevo-Yakhinskoye and Severo-Chaselskoye. It is expected to hold around 7.3 billion barrels of oil equivalent of proven and probable reserves.
The latest transaction will help Rosneft to increase recoverable gas reserves in the country. It will also help with implementation of its gas strategy to raise production to 100 billion cubic metres a year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataRosneft president and management board chairman Igor Sechin said that the gas business is one of the company’s strategic development priorities.
"Acquisition of a stake in SeverEnergia will create a multiplying effect for further growth, it will help generate additional synergies from the joint asset development within the Yamal Gas Cluster through optimisation of capex and sales channels, it will also help the company in the long run to expand contracted gas deliveries, increasing the company’s market cap and raising shareholder value," Sechin added.
Image: Rosneft president and management board chairman Igor Sechin signing a deal to acquire stake in Arctic Russia. Photo: courtesy of Rosneft.
