PetroNeft liquidation: what does it mean for the Tomsk Region oil market

Decision on liquidation

A well-known international corporation specializing in the exploration and production of oil and gas in Russia has decided on voluntary liquidation. This was announced following an extraordinary shareholders& meeting held on August 8, 2025, according to the company&s official statement.

Appointment of a liquidator

David Van Dessel has been assigned to perform the duties of the liquidator, who will redistribute the company&s assets among its participants. If we talk about the forms of distribution, it can occur either through cash payments or in other ways, by decision of the appointed liquidator.

Current information and ownership structure

As of September 30, 2023, the company did not share data on the current state of affairs, but at that time the ownership of shares was distributed as follows:

- Natlata Partners Limited, controlled by Maxim Korobov, - 25.7%

- Lloyd Wiggins — 14.46%

- Daria Shaftelskaya — 9.2%

- J&E Davy — 6,6%

- Seguro Nominees Limited — 5,4%

The company&s assets in Russia

Petroneft previously owned several assets:

- Linear LLC is an oil production company, 90% owned by the company, 10% owned by Belgrave Naftogas.

- Granit Construction is an oilfield service company.

- Stimul-T was an enterprise that produced and marketed oil, including through the Cyprus company WorldAce Investments Ltd., which had equal shares in Petroneft and Oil India.

Asset sales and current plans

In 2023, the shareholders approved the sale of Russian assets to Pavel Tetyakov, the company&s head in Russia, including:

- LLC "Linear" — fully (100%)

- LLC "Stimul-T" — 50%

- Granit Construction LLC — fully (100%)

Upon completion of the transaction, the assets of Linear and Granit Construction came under Tetyakov&s control. For the final completion of the transaction, the approval of the Russian government authorities is required, which has not yet been reported.

Characteristics of key assets

Linear LLC manages the Ice Section, which includes the Ledovoye and Cheremshanskoye deposits. Currently, approximately 250 barrels of oil per day are produced at the latter. However, due to the natural depletion of resource reserves, there is a risk of production cessation.

Stimul-T was engaged in oil production and sale, however, due to controversial issues with the Siberian ONGC structure regarding tariffs and infrastructure, its activities were suspended.

In March 2025, the Arbitration Court of the Tomsk Region initiated bankruptcy proceedings for Stimul-T.

Licenses and deposits

Stimul-T holds a license for the exploration and production of hydrocarbons at the Tungol site in the Tomsk region, where seven deposits are located.:

- Linear

- Tungolskoye

- Western Linear

- Kondrashevskoe

- Arbuzovskoe

- Sibkraevskoe

- Severno-Varyakhskoye