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BP Acquires 49% Stake In The Russian Company

- Mar 14, 2018 -

On March 9, according to the foreign sources, the Russian government has approved BP’s Russian investment company to acquire 49% of a subsidiary of Russia’s National Oil Company. This subsidiary is a natural gas development project operator in the Yamal-Nenets Autonomous Region of Western Siberia.

Petronas and BP agreed in December last year that the latter will acquire a 49% stake in Kharampurneftegaz, a wholly-owned subsidiary of the former, and Kharampurneftegaz holds licenses for several gas fields and structures in the Kharampursky and Festivalny blocks of Yamal-Nenets.

The two companies stated that the assets held by Kharampurneftegaz may have about 880 billion cubic meters of natural gas.

According to a development plan put forward by the Russian State Oil Company in 2013, the operator is about to put the Senoman field into production and the cash flow generated will be used to support further development.

The Russian National Oil Company estimates that the Senoman gas field will soon reach the goal of 8 billion cubic meters of natural gas per year.

In addition to holding 19.8% of Russian National Petroleum directly, BP also obtained a minority stake in two new development projects in East Siberia managed by the Russian oil producer.