Rosneft Consolidates Stake in OJSC Vostsibneftegaz
Rosneft has increased its stake in OJSC Eastern Siberian Oil and Gas Company from 70.78% to 99.87% through the acquisition of shares from Montenore Investment LTD and from minority shareholders as part of a mandatory buy back offer procedure. The Company paid 9.3 billion rubles to consolidate its stake in OJSC Vostsibneftegaz.
OJSC Vostsibneftegaz owns licenses for geological exploration and development of the Yurubcheno-Tokhomskoye oil and gas condensate field and the Agaleevskoye gas field in Eastern Siberia.
The unique Yurubcheno-Tokhomskoye field (which is part of the Yurubchenskoye license block) contains recoverable C1 reserves of 125.6 million tonnes of oil and 152.4 billion cubic metres of gas and recoverable C2 reserves of 181.7 million tonnes of oil and 184.6 billion cubic metres of gas.
Full-scale development of the deposit was launched following an investment decision by Transneft to construct a 603 km long oil pipeline from fields in the Yurubcheno-Tokhomskoye area to Tayshet (the start of the Eastern Siberia–Pacific Ocean pipeline) and the introduction of a special tax regime. The latter is due to the significant investment that will be required to develop the field given its remote location and the complex geological structure of the deposit.