ROSNEFT SOLD $2 BLN
ROSNEFT wrote, Rosneft and a consortium of Indian companies, consisting of Oil India Limited (the leader of the consortium), Indian Oil Corporation Limited and Bharat PetroResources Limited closed the transaction for the purchase of 23.9% of Vankorneft JSC to Indian companies.
Base price of the transaction is с. USD 2.021 bln (c. RUB 126 bln).
The closed transaction is a symbolic one for the companies and marks the transition to a new level of cooperation in the Russian-Indian relations in the energy area. Indian companies obtain substantial interest in one of the biggest large-scale projects of Rosneft of the last decade, whereas Rosneft retains 61.1% shares in the project.
Rosneft finalizes the creation of an international energy hub on the basis of the Vankor cluster within short timeframes: currently underway is the preparation to the closing of the deal for the acquisition of an additional 11% share in project by ONGC Videsh Limited (after the closing ONGC Videsh Limited's share in Vankorneft JSC will reach 26%). Consequently the share of Indian state companies may increase to 49.9%.
The achieved evaluation of Vankor Project is USD 3.4 per barrel of hydrocarbon reserves (in terms of 2P category using PRMS method) and reflects high potential of the project's resource base. With account for the multipliers achieved, the design value of hydrocarbon reserves of Rosneft exceeds the current enterprise value of the Company more than twice.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.