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Gazprom neft' OAO Announces Further Details on Acquisition of Remaining 38.2% in CJSC Gazprom Neft Orenburg-Interfax

Wednesday, 17 Jul 2013 02:41am EDT 

Interfax reported that directors at Gazprom neft' OAO (Gazprom Neft) have approved the acquisition of the remaining 38.2% of the shares in CJSC Gazprom Neft Orenburg, which holds the license to the Eastern section of the Orenburgskoye oil and gas field, from LLC Gazprom Dobycha Orenburg for RUB 859 million, Gazprom Neft said in a statement. The shares are being bought at market price, valued by Ernst & Young. Gazprom Neft paid Gazprom RUB 3.576 billion for 61.8% of CJSC Gazprom Neft Orenburg in October 2011. CJSC Gazprom Neft Orenburg holds the license to the Eastern section of the Orenburgskoye oil and gas field with ABC1 + C2 reserves of 96 million tons oil, 2 million tons condensate, 53 billion cubic meters (bcm) gas and 10 bcm dissolved gas. Gazprom Neft also owns the Tsarichanskoye and Kapitonovskoye fields in the Orenburg region, where it plans to form a new oil producing hub and triple output to 5 million tons oil equivalent per year in the next five years. 

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