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2016-11-08 18:50:00

ROSNEFT & BGC DEAL: $1.1 BLN

ROSNEFT & BGC DEAL: $1.1 BLN

OGE wrote, Rosneft and Beijing Gas Group Company Limited (hereinafter, "Beijing Gas") signed a Purchase and Sale Agreement and a Shareholder and Operating Agreement for the sale of a 20% stake in Verkhnechonskneftegaz (a Rosneft subsidiary) to the Chinese company, an Agreement on the Area of Mutual Interest in respect of the adjoining license areas and an Agreement on the cooperation in the gas business. The transaction execution agreement was signed in the presence of the Prime Minister of the Russian Government Dmitry Medvedev and Premier of the State Council of the People's Republic of China Li Keqiang by Rosneft Chief Executive Officer Igor Sechin and Beijing Gas Group Chairwoman of the Management Board Li Yalan.

Legally binding documents were signed following the agreements reached by the companies in the course of the Russian President Vladimir Putin's visit to China in June 2016 and provide for the base value of the acquired 20% share is c. USD 1.1 bln. The closing of the deal will be performed in accordance with the required procedures, including the obtaining of needed regulatory approvals.

The achieved evaluation is USD 3.2 per barrel of oil equivalent reserves (in terms of 2P category using PRMS method) and reflects high potential of the Verkhnechonskneftegaz's resource base.

This transaction will allow Rosneft to fully implement the significant development potential of the Verkhnechonsk field, including gas production, and to confirm the strategic partnership with one of the largest distributors of natural gas in China. Within the framework of the deal an integrated cooperation formation is being created: the Chinese company will obtain a share in one of East Siberia's largest producing fields with a developed infrastructure and access to the ESPO pipeline; whilst Rosneft will obtain the possibility to access the local gas market of China, including end-customers, by means of swap supplies of gas.

The decision of the Chinese government to converse Beijing power generation from coal to gas and the accelerated transition of automotive transport of China to natural gas motor fuel open wide perspectives for a significant expansion of Rosneft activities in the Chinese market.

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Earlier:

ROSNEFT: 

ROSNEFT & BP: YERMAK NEFTEGAZ 

ROSNEFT WILL BUY INDIA 

ROSNEFT BOUGHT BASHNEFT 

ROSNEFT'S STRATEGIC INVESTMENT 

ROSNEFT SOLD $2 BLN 

ROSNEFT & PERTAMINA AGREEMENT

 

CHINA: 

CHINA OIL IMPORTS UP 

CHINA'S OIL PRODUCTION DOWN BY 10% 

SOUTHEAST ENERGY WAR 

CHINEESE MONEY FOR RUSSIA 

CHINA'S OIL PRODUCTION DOWN 

RUSSIA & CHINA OIL RECORD

 

Tags: ROSNEFT, BGC, RUSSIA, CHINA

Chronicle:

ROSNEFT & BGC DEAL: $1.1 BLN
November, 22, 11:05:00

NIGERIA & CHEVRON PROJECT &1.7 BLN

Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited (CNL) have executed the second and final phase of an Alternative Financing Agreement that would increase crude oil production in the country by about 39,000 barrels per day.

ROSNEFT & BGC DEAL: $1.1 BLN
November, 22, 11:00:00

MAERSK-AKER-HALLIBURTON ALLIANCE

OGJ - Maersk Drilling and Aker BP announced a drilling rig alliance based on a tripartite collaboration model that also includes service provider Halliburton Co.

ROSNEFT & BGC DEAL: $1.1 BLN
November, 20, 09:35:00

OIL PRICE: ABOVE $62 YET

REUTERS - Brent crude futures LCOc1, the international benchmark for oil prices, were at $62.56 per barrel at 0439 GMT, down 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.59 a barrel, up 4 cents, or 0.1 percent, from their last settlement.

ROSNEFT & BGC DEAL: $1.1 BLN
November, 20, 09:30:00

ROSNEFT'S WORLD RECORD: 15000 M

Rosneft as a member of Sakhalin-1 Consortium successfully completed drilling of the world's longest well from Orlan platform at Chaivo field in the Sea of Okhotsk. The length of the well with horizontal completion is 15000 m which currently is a world record. This is a supercomplex well with DDI (Directional drilling index) of 8.0 and 14,129 m stepout.

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