Gazprom Neft to pay $1.5bn for SeverEnergia stake

Forking out: big bucks for SeverEnergia

Russian oil giant Gazprom Neft will acquire 51% of SeverEnergia, which has upstream assets in Arctic Yamal Nenets region, for about $1.5 billion, Gazprom Neft chief financial officer Vadim Yakovlev said today.



In September, Gazprom Neft and Russia's second largest gas producer, Novatek , agreed to buy Gazprom's 51% share in SeverEnergia, which owns 5 billion barrels of oil equivalent.

Reuters quoted Yakovlev as also saying that the company and Novatek will acquire $250 million of debts from the SeverEnergia deal.

Gazprom bought a 51% stake in SeverEnergia in 2009 from Eni and Enel for $1.6 billion, leaving the Italian companies with the remaining 49%.

Newsletter signup

User

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login