Repsol Completes 1st Phase of Russian JV with Alliance

Spanish oil major Repsol announced Friday that it has completed the first phase of its exploration and production joint venture with Alliance Oil in Russia.

Alliance has transferred its upstream company Saneco to the joint venture, in return for which Repsol has contributed $37 million to the joint venture and paid $36 million to Alliance. Repsol now holds a 49-percent stake in the joint venture.
 
The Saneco subsidiary has brownfield upstream assets that are located onshore in the Samara region of southwest Russia. These assets produced 1.1 million barrels of oil in the second quarter of 2012 and, as of December 31, 2011, contained 2P reserves of 38 million barrels.
 
According an agreement signed by Repsol and Alliance in December 2011, the joint venture will also include Alliance subsidiary Tatnefteotdacha and Repsol's Eurotek. These subsidiaries are expected to be added during the fourth quarter of 2012.
 
Repsol sees the joint venture as serving as a growth platform for both it and Alliance within the Russian Federation – the world's largest oil and gas producer.
 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Shell to Sell Gabon Onshore Assets for... (Mar 24)
 -  Industry Pros Gather for Offshore Achi... (Mar 24)
 -  Statoil Makes North Sea Oil, Gas Disco... (Mar 24)
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)


Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Protection Coordinator
Expertise: Risk Management|Security
Location: TX
 
United States Denver: Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Landman - Midstream Surface Land
Expertise: Landman
Location: The Woodlands, TX
 
search for more jobs

Brent Crude Oil : $50.56/BBL 0.15%
Light Crude Oil : $47.7/BBL 0.70%
Natural Gas : $3.05/MMBtu 1.32%
Updated in last 24 hours