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Gazprom Acquires Stake in BP Joint Venture in Russia
According to Russian media reports, an agreement signed between the government-controlled Gazprom, British Petroleum (BP) and TNK-BP on the 22nd stipulates that Gazprom will acquire TNK-BP in Russia. Shares in the Kovykta (formerly "Kovichkin") gas field project in the Irkutsk region.Tyumen-BP is a joint venture of BP in Russia. It is one of the major shareholders of Rosneft, another company that has the license to develop the above-mentioned gas fields, and holds 62.89% of the company's shares. In addition, TNK-BP and the Irkutsk region government each hold a 50% stake in the East Siberian Gas Company. East Siberian Gas Company is mainly responsible for the construction of natural gas pipeline network and natural gas supply in Irkutsk Oblast.
According to the above-mentioned agreement, Gazprom will acquire all of TNK-BP's shares in Rosneft and East Siberian Gazprom for US$700 million to US$900 million. Tyumen-BP will then have priority to buy back 25% of its shares + 1 share in the Kovekta gas field project at market prices.
In addition, BP and TNK-BP also signed a memorandum of understanding with Gazprom on the same day to establish a strategic alliance to jointly implement large-scale oil and gas development projects in Russia and abroad.
The Kovekta gas field, discovered in 1987, is currently one of the largest gas fields in Russia, with natural gas reserves of 1.9 trillion cubic meters and condensate reserves of 115 million tons. Russian Deputy Minister of Industry and Energy Dementyev said not long ago that the Kovekta gas field will be put into industrial development no earlier than 2017.
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