Repsol YPF to acquire Russia's Eurotek

Repsol YPF SA said it agreed to acquire explorer Eurotek for $230 million, and will incorporate Eurotek’s assets in western Siberia into its new Russian venture with Alliance Oil Co. (OGJ Online, Dec. 22, 2011).

Repsol YPF said it will pay for the purchase of Eurotek on a debt-free, cash-free basis. The acquired assets include Syskonsyninskoye and Yuzhno-Khadyryakhinskoye gas fields.

Repsol YPF said Syskonsyninskoye field is at an advanced development stage, starting production in 2012 while the Yuzhno-Khadyryakhinskoye field is under the final stage of appraisal and is expected to come online by 2016.

The company said it will contribute these assets at cost to the recently created Alliance Repsol Oil & Gas Joint Venture Co., as part of Repsol YPF’s commitment in cash and kind.

Earlier this month, Repsol YPF and Alliance said they have agreed to form a JV aimed at serving as a “growth platform” for both companies in the Russian federation.

The two firms said their JV will have a total asset base of $840 million following asset and cash contributions by the shareholders. Alliance will hold a 51% stake in the venture and Repsol YPF will hold 49%.

Repsol YPF already owns a 3.5% stake in Alliance as a result of the merger between Alliance and West Siberian Resources, in which Repsol YPF initially held 10%, in 2008.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

Uganda taps Russian firm to build country’s first refinery

02/17/2015 The government of Uganda has selected a consortium led by Russia’s RT Global Resources, Moscow, as its first choice to construct the country’s firs...

Montana governor wants PHMSA to beef up pipeline enforcement in state

02/17/2015 Citing a Jan. 17 leak of 1,200 bbl of crude oil from a ruptured pipeline in eastern Montana, Gov. Steve Bullock (D) asked US Sec. of Transportation...

Derailed West Virginia oil train carried Bakken crude

02/17/2015

A large-scale cleanup and investigation have launched following the Feb. 16 derailment of a CSX crude oil train near Mount Carbon, W.Va.

MARKET WATCH: Brent crude oil reaches above $62/bbl

02/17/2015 The April ICE contract for Brent crude oil prices rose modestly in London to settle above $62/bbl on Feb. 16 while the New York Mercantile Exchange...

Phillips 66 Partners to buy pipeline systems’ interests for $1 billion

02/16/2015 Phillips 66 Partners LP has reached agreement with Phillips 66 to acquire Phillips 66’s interests in three pipeline systems for a total of $1.01 bi...

Bear Head LNG exempted from 2012 Canadian environmental act

02/16/2015 Liquefied Natural Gas Ltd.’s wholly owned subsidiary Bear Head LNG Corp. received notice from the Canadian Environment Assessment Agency (CEAA) tha...

BLM decision clears way for first NPR-A federal oil production

02/16/2015 The US Bureau of Land Management issued a record of decision (ROD) for the proposed Greater Mooses Tooth One project (GMT1), which cleared the way ...

Indian state, Kuwaiti firm sign deal for refinery, petchem complex

02/16/2015 The government of India’s Andhra Pradesh state has entered an agreement with Al Qebla Al Watya Inc., a subsidiary of Mohammed Abdulmohsin Al-Kharaf...

Northern Territory selects Inpex in bid for onshore exploration

02/16/2015 Australia’s Northern Territory government has selected Inpex Corp. for onshore oil and gas exploration in the Beetaloo basin, southeast of Darwin.
White Papers

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...

6 ways for Energy, Chemical and Oil and Gas Companies to Avert the Impending Workforce Crisis

As many as half of the skilled workers in energy, chemical and oil & gas industries are quickly he...
Sponsored by
Available Webcasts

On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Oil & Gas Journal’s Forecast & Review/Worldwide Pipeline Construction 2015

Fri, Jan 30, 2015

The  Forecast & Review/Worldwide Pipeline Construction 2015 Webcast will address Oil & Gas Journal’s outlooks for the oil market and pipeline construction in a year of turbulence. Based on two annual special reports, the webcast will be presented by OGJ Editor Bob Tippee and OGJ Managing Editor-Technology Chris Smith.
The Forecast & Review portion of the webcast will identify forces underlying the collapse in crude oil prices and assess prospects for changes essential to recovery—all in the context of geopolitical pressures buffeting the market.

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected