TNK-BP has agreed to buy Occidental Petroleum Corp.'s 50% interest in the Vanyoganneft joint venture in western Siberia for $485 million.
By OGJ editors HOUSTON, Jan. 12 -- TNK-BP has agreed to buy Occidental Petroleum Corp.'s 50% interest in the Vanyoganneft joint venture in western Siberia for $485 million.
The deal is expected to close in the first quarter. Oxy expects to record a gain of about $400 million.
At yearend 2006, Oxy's net proved Vanyoganneft reserves were 33 million boe and its net production from Vanyoganneft currently averages 22,600 b/d of oil. The license governing the JV is due to expire in January 2013, although it may be extended under Russian law.
