Gazprom Neft and Novatek agree 50/50 ownership of SeverEnergia

01 April 2014

Gazprom Neft and Novatek have announced an agreement for 50/50 ownership of SeverEnergia’s shares. Following a series of transactions with Novatek, Gazprom Neft will increase its effective ownership of the joint owned company by 9.8% to 50%.

Vadim Yakovlev, First Deputy CEO of Gazprom Neft, said: “The agreement between SeverEnergia’s shareholders provides for parity management of this strategically important asset for Gazprom Neft. SeverEnergia will produce over 35 million tonnes of oil equivalent per year by 2020 and Gazprom Neft’s 50% share of this will contribute significantly to our strategy to increase production to 100 million tonnes of oil equivalent per year by 2020.”

REFERENCE

SeverEnergia is a joint venture of Gazprom Neft and Novatek. SeverEnergia is the 100% owner of Arcticgas which holds licences for the Samburskiy license area which includes the Samburgskoye, Urengoyskoye, East-Urengoyskoye  and North-Yesetinskoye fields. Arcticgas also holds licenses for the Yaro-Yakhinskoye, Yevo-Yakhinskoye and North-Chaselskoye license areas. As of 1 January 2014, SeverEnergia’s recoverable reserves, according to Russian classification АВС1+С2, were 14.5 billion barrels of oil equivalent, including 5.5 billion barrels of liquid hydrocarbons.

At the beginning of 2014 Gazprom Neft’s effective ownership of SeverEnergiaincreased from 25.5% to 40.2%.