"RussNeft" Finalized Purchase of 50-Percent Stake in the Zapadno-Malobalykskoye Oilfield previously owned by Yukos.
"RussNeft" has acquired a 50-percent stake in Zapadno-Malobalykskoye OOO from offshore companies Aleria Management, Clermon Systems, Bremon Solutions and SW Solution. The OOO owns the license for developing the same name oilfield in Khanty-Mansiysk Autonomous Okrug. This information has been given to Budapest’s stock exchange by the owner of the other 50-percent share, a Hungarian company called MOL.
"RussNeft" has obtained the deal permit from RF Federal Antimonopoly Service, MOL informs.
Previously MOL was a partner of Yukos in the Zapadno-Malobalykskoye OOO. In May MOL advised that Yukos had sold its share to four offshore companies and Russneft would be its final buyer.
The amount of the deal has not been disclosed by the parties. Just to remind that Yukos and MOL signed the Zapadno-Malobalykskoye oilfield joint development agreement in February 2002. MOL undertook to pay 100-million-dollar compensation to Yukos. In the framework of this project the companies were planning to invest $300-350 million into developing the oilfield.
The Zapadno-Malobalykskoye oilfield is located in West Siberia, Khanty-Mansiysk Autonomous Okrug. Its proven recoverable reserves approximate 20 million tons (145 million barrels) of crude oil. The maximum production volumes is planned to be achieved in 2005.