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Alliance Oil Company Ltd Completes Formation of Joint Venture with Repsol SA

Monday, 28 Jan 2013 02:05am EST 

Alliance Oil Company Ltd announced that Alliance Oil and Repsol SA have completed the transactions to form a joint venture company AR Oil and Gaz BV (AROG). Alliance Oil has contributed Tatnefteotdacha subsidiary, with brownfield upstream assets located in Tatarstan region with total production of 3.3 mbbl in 2012 and proved and probable oil reserves of 132.7 mbbl to AROG. Repsol has contributed Eurotek subsidiary, with proved and probable gas reserves of 115 mboe to AROG and paid USD 81 million in cash to Alliance Oil. Through the completion of the transactions announced on January 28, 2013 and in August 2012, Alliance Oil contributed Volga-Urals upstream subsidiaries which comprise exploration and production licenses for 13 fields with proved and probable oil reserves of 1711 mbbl to obtain a 51% participation in AROG and receive net cash of USD 117 million. Repsol contributed Eurotek, which comprises two gas exploration and production licenses, and also paid USD 117 million in cash to Alliance Oil to obtain a 49% participation in AROG. As a result, AROG has a total asset base of approximately USD 885 million with proved and probable oil and gas reserves of approximately 286 mboe. Alliance Oil will continue to consolidate subsidiaries Tatnefteotdacha and Saneco in its financial statements. Eurotek will be reported as investment in associates and joint ventures and incorporated into the financial statements under the equity method. 

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26 Dec 2014