Rosneft closes deal to sell 11% of Vankorneft

31.10.2016       

PJSC "NK "Rosneft" and ONGC Videsh Limited closed a deal to sell 11% of the shares of Vankorneft JSC Indian company, according to a press release from the Russian oil company. The base price of the deal is about $930 million.

increased to 26%.

The completed transaction marks the completion of the formation of an international energy hub on the basis of Vankorneft JSC. Earlier in October, a deal was closed to acquire a 23.9% stake in Vankorneft JSC. a consortium of Indian investors consisting of Oil India Limited (leading the consortium), Indian Oil Corporation Limited and Bharat PetroResources Limited.

Indian state-owned companies acquired a 49.9% stake in one of the largest projects of Rosneft over the past decade, while Rosneft retains a 50.1% stake in JSC Vankorneft, a majority on the board of directors, control over the operating activities of the company, as well as 100% control over the overall infrastructure of the cluster (including the Vankor-Purpe oil pipeline), which was transferred to the operating company RN-Vankor LLC.

The achieved estimate of the Vankor project is $3.4 per 1 barrel of hydrocarbon reserves (according to the 2P category of the PRMS methodology) and reflects the high potential of the project's resource base.

JSC "Vankorneft", a subsidiary of PJSC "NK" Rosneft ", was established in 2004 for the development of the Vankor oil and gas condensate field - the largest of the fields discovered and put into operation in Russia over the past twenty-five years. The field is located in the north of Eastern Siberia in the Turukhansky district of the Krasnoyarsk Territory, 142 km from the city of Igarka.

Category 2P hydrocarbon reserves in accordance with the PRMS classification of the Vankor field as of 01.01.2016 amount to 265 million tons of oil and condensate and 88 bcm of gas.

In 2015, Vankor produced 22 million tons of oil and 8.71 billion cubic meters of gas. m of gas. Thanks to the applied technological solutions, the oil recovery factor at Vankor is one of the highest in Russia. The field is being drilled by injection directional and production wells with a horizontal ending, which ensures high flow rates. The oil production process is fully automated.

In April 2016, the operating company RN-Vankor was established, which controls the overall infrastructure of the Vankor cluster (including the Vankor-Purpe oil pipeline) and makes it possible to increase the efficiency and transparency of management project.

Source: http://www.vestifinance.ru/articles/76942

Investment projects in the oil and gas complex
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