Rosneft closed the acquisition of a 100 percent stake in the Kondaneft project, which is developing the Kondinsky, Zapadno-Erginsky, Chaprovsky and Novo-Endyrsky license areas in Western Siberia, Rosneft announced on Tuesday.
Acquisition of this asset is in line with the company's strategy aimed at maximal efficiency of resource development in the main oil and gas producing region of the company’s operations which has developed infrastructure, the statement read.
Rosneft confirmed that the reserves of the Kondaneft group of fields stand at 157 million metric tons (mmt) of oil.
"The company will take measures to commission the Kondaneft fields already in 2017," the company noted, adding that this will enable a significant increase in Rosneft's consolidated production indicators.
The Kondaneft group of fields is located 100 kilometers from one of the company's key assets, the Priobskoye field, and is adjacent to Erginskoye, the largest field in the unallocated stock of the Russian Federation.
"The start of production in the Kondaneft project in 2017 will launch the development of one of the most promising production clusters in the Russian oil and gas industry," the statement read.
The acquisition price of 100 percent of the project company’s equity capital will be about 40 billion rubles (US$700 million)
The deal received the necessary approvals from the Federal anti-monopoly service of the Russian Federation, the company concluded.
Reporting by Emre Gurkan Abay in Moscow
Writing by Ebru Sengul