Rosneft takes 51% stake in Russian Caspian discovery block

Rosneft Oil Co. will acquire 51% of LLC Petroresurs, which owns 100% of the Lagansky block license in the northwestern Caspian Sea offshore Russia.

Lundin Petroleum AB owns a 70% shareholding in Petroresurs and Gunfor Group has 30%.

The nearshore Lagansky block license contains the giant, undeveloped Morskoye oil discovery with best estimate gross contingent resources of 157 million bbl of oil equivalent (see map, OGJ, Aug. 11, 2008, p. 34).

The consideration, not disclosed in the heads of agreement, is related to historical costs spent on the Lagansky block license 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% interest in the block license 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, Lundin Petroleum president and chief executive officer, said, “This transaction will allow the partners to realize the full potential of this exciting opportunity and to move forward with appraisal and development.”

Moreskoye lies off Russia’s Kalmykia Republic more than 200 miles west-southwest of supergiant Kashagan field in the Caspian off Kazakhstan. North Caspian Operating Co. BV (NCOC), on behalf of the North Caspian Sea PSA Consortium, placed Kashagan on production last month (OGJ Online, Sept. 11, 2013).

Related Articles

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

AWE makes gas discovery under existing Senecio field

09/18/2014 AWE Ltd., Sydney, has increased the worth of its Senecio gas field in permits L1/L2 in the onshore Perth basin of Western Australia with a discover...

EGPC awards two Gulf of Suez concessions to RWE Dea

09/18/2014 Egyptian General Petroleum Corp. (EGPC) has awarded two concessions in the Gulf of Suez to RWE Dea AG, which said the awards stem from Internationa...

Eni reports second major oil find in as many days


Eni SPA has made an oil discovery with the Oglan-2 exploration well on Ecuador’s Block 10, 260 km southeast of Quito.


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