Lukoil Acquires Stake in 3 Small Russian Oil Companies
Lukoil
Lukoil has acquired controlling interest in three small oil firms to further consolidate assets in northern Russia. Once the acquisitions have finalized, Lukoil would increase its proven and probable reserves by 48 million tons and output would increase by 1.4 million tons per year.
The new transaction will also allow Lukoil to close multiple court cases as the company was involved in a number of lawsuits with the previous shareholders of the three firms, Tebukneft, Ukhtaneft and ZAO RKM Oil, all in the northern republic of Komi. Lukoil agreed with the shareholders of the Urals Group to buy a 50.8 percent stake in Tebukneft, a 59.8 percent stake in Ukhtaneft and a 58.3 percent stake in ZAO RKM Oil for an undisclosed sum. As a result of this transaction and other arrangements with other shareholders Lukoil together with its affiliates will control over 85 percent of shares of Tebukneft and Ukhtaneft and about 90 percent of shares of ZAO RKM.
RELATED COMPANIES
Most Popular Articles
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Oil Falls as US Inventories Increase
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call