Rosneft takes 51% stake in Russian Caspian discovery block

Oct 02, 2013 12:00 AM

Rosneft Oil Co. will acquire 51% of LLC Petroresurs, which owns 100% of the Lagansky block license in the northwestern Caspian Sea offshore Russia.

Lundin Petroleum AB owns a 70% shareholding in Petroresurs and Gunfor Group has 30%.

The nearshore Lagansky block license contains the giant, undeveloped Morskoye oil discovery with best estimate gross contingent resources of 157 million bbl of oil equivalent.

The consideration, not disclosed in the heads of agreement, is related to historical costs spent on the Lagansky block license by Lundin Petroleum and Gunvor and will be made in deferred payments. After the transaction is completed, Lundin Petroleum will have an indirect 34.3% interest in the block license through its shareholding in LLC Petroresurs.

As part of the agreement, Rosneft and Lundin Petroleum have agreed to investigate possible cooperation in the Norwegian and Russian offshore sectors.

Ashley Heppenstall, Lundin Petroleum president and chief executive officer, said, “This transaction will allow the partners to realize the full potential of this exciting opportunity and to move forward with appraisal and development.”

Moreskoye lies off Russia’s Kalmykia Republic more than 200 miles west-southwest of supergiant Kashagan field in the Caspian off Kazakhstan. North Caspian Operating Co. BV (NCOC), on behalf of the North Caspian Sea PSA Consortium, placed Kashagan on production last month.

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