Urals Energy to divest noncore assets

Urals Energy, which has its operating assets in Russia, reported plans to sell certain oil assets in Russia's Komi Republic for $93.5 million.

April 22, 2008

By OGJ editors
HOUSTON, Apr. 22 -- Nicosia, Cyprus-based holding company Urals Energy PCL, which has its operating assets in Russia, reported plans to sell certain oil assets in Russia's Komi Republic for $93.5 million as part of Urals Energy's streamlining efforts to concentrate on its Dulisminskoye oil field in Eastern Siberia.

The buyer's name was not disclosed. Last year, Urals Energy received approval from Russia's state-run OAO Transneft to build a pipeline tie-in from Dulisminskoye field to the Eastern Siberia Pacific Ocean (ESPO) pipeline (OGJ, Oct. 22, 2007, Newsletter).

Urals expects production from Dulisminskoye to flow into ESPO in the first half of 2009 and forecasts field production of 30,000 b/d by 2011.