Rosneft Agrees to Sell 20% of Taas Subsidiary to BP

Rosneft announced Friday that it has signed a final binding agreement to sell a 20 percent share of its subsidiary company Taas-Yuryakh Neftegazodobycha (Taas) to BP.

The Taas joint venture will further develop the Taas operated Srednebotuobinskoye oil and gas condensate field in the Sakha Republic, Yakutia, building infrastructure to aid further exploration of the region’s reserves. The Srednebotuobinskoye field’s reserves under Taas’ C1 and C2 lincensed areas total 133 million tons of liquid hydrocarbons and 4.8 trillion cubic feet of gas, according to Rosneft.

Rosneft and BP have also agreed to explore two additional areas of mutual interest in the West Siberian and Yenisey-Khatanga basins, covering a combined area of around 100,000 square miles. This agreement commits BP and Rosneft to conduct studies and, if successful, establish new joint ventures to obtain licenses and perform exploration activities. Any joint ventures will be owned 51 percent by Rosneft and 49 percent by BP. As part of this agreement Rosneft and BP will also form a joint venture to carry out further appraisal work on the Baikalovskiy field, discovered by Rosneft in 2009.

Rosneft Management Board Chairman Igor Sechin commented in a company statement:

"Eastern Siberia is a priority area for Rosneft. Taas-Yuryakh Neftegazodobycha is carrying out a set of actions with the aim to further expand local infrastructure and boost production capacities. I’m glad that our cooperation with BP is developing in such a promising area."

President of BP Russia David Campbell said in a BP press release:

"I am pleased we have been able to conclude this transaction. It further deepens our relationship with Rosneft and underlines BP’s position and strategy as a successful long term investor in Russia. BP will continue to seek attractive investment opportunities to develop Russia’s substantial resources, whilst continuing to comply with international sanctions."

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