TNK-BP sells Russia pair for reported $450m

Siberia switch: TNK-BP offloads West Siberia stakes to focus on eastern greenfields

TNK-BP has said it has sold two units that control several West Siberian oil and gas condensate fields in a deal purportedly valued at $450 million.

The Anglo-Russian joint venture did not disclose either financial details or the buyer for the sale.

Russian news agency Interfax said sources had told it that mid-sized oil producer Russneft was the buyer.

In the deal, Russneft is gaining 100% of Novosibirskneftegaz and 71.09% of Severnoeneftegaz, the latter of which it previously owned before selling to TNK-BP.

The Anglo-Russian venture is shifting focus to producing oil from greenfields in East Siberia.

"This approach provides us with the operating and financial resources to pursue large-scale development projects in Russia's new petroleum provinces," Mikhail Slobodin, TNK-BP's executive…

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