Rosneft Forms an International Consortium on the Basis of Taas-Yuryah Neftegasodobycha
Moscow. Rosneft and the consortium of Indian companies, comprised of Oil India Limited (leader of the consortium), Indian Oil Corporation Limited and Bharat PetroResources Limited closed the transaction for the purchase of 29.9% of Taas-Yuryah Neftegasodobycha. Base price of the transaction is USD 1.12 bln (c. RUB 70 bln).
As a result of the closing of the deal the consortium of Indian companies is entering into the Rosneft and BP joint project on the basis of Taas-Yuryakh Neftegasodobycha. Rosneft will retain a 50.1% stake in Taas-Yuryakh Neftegasodobycha, informs company.
Attracting strategic investors will give additional momentum to the development of Srednebotuobinskoye field, one of the largest oil and gas condensate fields in East Siberia, currently producing about 22 thousand barrels of oil per day. Partners within the joint project plan to create the infrastructure for further exploration and development of the reserves in the region.
The achieved evaluation of Taas-Yuryah Neftegasodobycha Project is USD 2.7 per barrel of hydrocarbon reserves (in terms of 2P category using PRMS method) and reflects high potential of the project’s resource base. With account for the multipliers achieved, the design value of hydrocarbon reserves of Rosneft exceeds the current enterprise value of the Company almost twice.
On March, 16th, 2016 Rosneft (acting by the wholly owned subsidiary RN-Razvedka i Dobycha), Oil India Limited, Indian Oil Corporation Limited and Bharat PetroResources Limited signed a legally binding share sale agreement relating to 29.9% participatory share in Taas-Yuryakh Neftegasodobycha.
Taas-Yuryakh Neftegasodobycha develops the central part of the Kurugunsky license block of Srednebotuobinskoye field, located in the Sakha Yakutia Republic.
Srednebotuobinskoye oil, gas and condensate field is one of the top three major assets of Rosneft in the Easter Siberian oil cluster.
As of 01.01.2016 the field’s ABC1+C2 reserves stood at 166 mln tons of oil and condensate and 180 bcm of gas.
The development plan of the field presumes reaching an annual plateau of 5 mln tones of oil.