Rosneft Makes 'Tentative' Deal to Buy Taas-Yuryakh Project



Russia's state-controlled oil company Rosneft announced Thursday that it signed a tentative agreement with Russian bank Sberbank for Rosneft to acquire a 35.3-percent stake in Taas-Yuryakh Neftegazodobycha.

Taas-Yuryakh Neftegazodobycha holds production licenses for the Srednebotuobinsk oil and gas condensate field, which is situated 100 miles (160 kilometers) north of the ESPO pipeline.
 
Recoverable oil reserves of the field are estimated at 90.9 million tons of C1 and 38.9 million tons of ?2 category. Due to its size the field was put on the list of 'Fields of Federal Importance' on Mar. 18, 2010. The deal price was set at $444 million, which equals the historical cost incurred by Sberbank.
 
"The acquisition is a major step forward in strengthening Rosneft's world-class reserve base in Eastern Siberia and ensuring deliveries to the Eastern Siberia – Pacific Ocean pipeline. Together with the Yurubcheno-Tokhomsk field, these projects will form the foundation of the company's East-Siberian production cluster within the next few years," said Rosneft President Eduard Khudainatov. "After closing the deal with Sberbank, Rosneft will be working with other shareholders of Taas-Yuryakh Neftegazodobycha to ensure the success of the project. The company will also reach out to federal authorities to make sure that necessary fiscal conditions are in place for the project to be profitable."
 
Commenting on the agreement, Herman Gref, President and Chairman of the Management Board at Sberbank said: "We are glad to see the Srednebotuobinsk project gain a strategic investor. I am certain that we will keep working with Rosneft to expand our cooperation – on this project and beyond." 
 


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