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Russian Petroleum Companies: Overseas Operations
Despite the global financial and economic crisis, major Russian petroleum companies continue to pursue overseas projects and opportunities. Some of the most recent developments are the
following:
· Surgutneftegaz recently acquired 21 percent stake in Hungary’s MOL from Austria’s OMV for 1.4 billion euros, a move that was interpreted by the Hungarian side as a transaction completed in an unfriendly manner. In Russia MOL is operating upstream projects in Western Siberia (the Zapadno Malobalyk oilfield and the Surgutsky-7 Block).
· In light of the decreasing trend of license offers domestically, LUKOIL is seeking to further expand its international asset base. In mid-April LUKOIL’s CEO Vagit Alekperov stated that next year the company planned to drill three deep-water exploration wells in Africa, one in offshore Ghana and two off the Cote d’Ivoire coast. These projects are developed in alliance with Houston-based Vanco Energy, prior experience of which included development of an offshore project in Ukraine.
· LUKOIL’s exploration activities in the contract area of the Empty Quarter desert in Saudi Arabia resulted recently in discoveries of two fields with reserves of approximately 70 million tons of gas condensate and 300 billion cubic meters of natural gas by Russian C1 and C2 classifications. Gas offtake prices are presently being discussed with Saudi officials to start commercial
development.
· Recently Gazprom neft, the oil arm of the Gazprom group, bought from the US oil major Chevron its Italian facility producing annually 30,000 tons of oils and 6,000 tons of lubricants. Gazprom neft plans synergy between this asset and the Serbian oil refiner NIS, 51% control of which Gazprom neft took this
February.
· TNK-BP has been reported to be considering the acquisition of Zhaikmunai, a producer based in Kazakhstan and listed in London. Zhaikmunai produces 8,500 barrels of oil per day at the Chinarevskoye field in western Kazakhstan. Presently TNK-BP does not have upstream assets in Kazakhstan. Russian companies with assets in Kazakhstan include LUKOIL and
Rosneft.
· In mid-April an agreement was reached between the governments of Russia and Iraq that would allow Russian oil companies to revive pre-war contracts in the Gulf state. This could give a chance to
Tatneft to resume negotiations on developing two blocks in Iraq ’s western desert and to LUKOIL to reinstate its 1997 contract to develop the West Qurna-2 field under PSA terms.
Russian Petroleum Companies: Overseas Operations covers the international assets, projects, acquisition attempts and directions of investment opportunity development for all Russian petroleum companies with known international activities. Industry segments include upstream, transportation, refining and retail, as well as oil services, where relevant. Through examination of particular projects and plans for cooperation, the report takes a look at cross-regional alliances of Russian companies with international players, as well as at the role of governments in facilitating access to oil and gas opportunities worldwide. Contact details for company executives responsible for international operations are included.
Study is to be released in May 2009 by RPI. Standard price is $ 3,000. Ordering till May 15th saves 15% off the standard price. For more information visit
www.rpi-inc.com or contact Elena Vorobieva
(vorobievaE@rpi-inc.com)
Posted: May 1, 2009
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