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

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/19/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

CNOOC makes gas discovery in Qiongdongnan basin

03/19/2014

CNOOC Ltd. has made a natural gas discovery in the east Lingshui Sag of the deepwater area in the South China Sea’s Qiongdongnan basin.

Cairn, FAR to drill exploration wells offshore Senegal

03/19/2014

FAR Ltd., Perth, will participate in the drilling of two deepwater exploration wells offshore Senegal next month.

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