Russia 100204 Basic Political Developments
BusinessWire: NOVATEK and TOTAL close transaction for establishment of joint venture
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- WSJ: Novatek, Total To Develop Field In Russias Yamal Region
- Oil and Gas Journal: Output up at Russias Verkhnechonskoe field
- WSJ: Russia OKs $400 Mln Budget For Kharyaga Oil Field - Prime-Tass
- WSJ: Rosneft Exec: Profit-Based Oil Tax Unlikely Before 2012
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BusinessWire: NOVATEK and TOTAL close transaction for establishment of joint venturehttp://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20100203007205&newsLang=en MOSCOW--(BUSINESS WIRE)-- NOVATEK AND TOTAL CLOSE TRANSACTION FOR ESTABLISHMENT OF JOINT VENTURE Moscow, 4 February 2010. OAO NOVATEK (“NOVATEK” and/or the “Company”) has today announced that the Company and Total Termokarstovoye B.V., an affiliate of Total SA (“Total”) have closed the transaction for the establishment of a joint venture for exploration and development of the Termokarstovoye gas condensate field (the “Field”) in the Yamal-Nenets Autonomous Region. The exploration and production license for the Field is currently held by ZAO Terneftegas (“Terneftagas”), NOVATEK’s wholly-owned subsidiary. Total’s share in Terneftegas will increase to a total of 49% by the end of 2010. A Final Investment Decision will be made in late 2011 upon the successful completion of the first stage of the project. The transaction has received approval from the Federal Anti Monopoly Service of the Russian Federation.
WSJ: Novatek, Total To Develop Field In Russia's Yamal Regionhttp://online.wsj.com/article/BT-CO-20100204-702324.html?mod=WSJ_latestheadlines MOSCOW (Dow Jones)--Russian natural gas producer Novatek (NVTK.RS) and French oil and gas company Total SA (TOT) have created a joint venture for exploration and development of the Termokarstovoye gas condensate field in the Yamal-Nenets Autonomous Region, Russia's Arctic region, Novatek said Thursday. Total's share in Novatek's subsidiary, which holds the exploration and production license for the field, will increase to a total of 49% by the end of 2010, Novatek said. The deal has been approved by Russia's Antimonopoly Service. The Termokarstovoye field's reserves are estimated at 396.8 million barrels of oil equivalent, consisting of 47.3 billion cubic meters of natural gas and 10.3 million tons of liquid hydrocarbons according to Russian reserve classification. -By Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9192; Alexander.Kolyandr@dowjones.com Oil and Gas Journal: Output up at Russia's Verkhnechonskoe fieldhttp://www.ogj.com/index/article-display/5753511557/articles/oil-gas-journal/drilling-production-2/production-operations/regional-production/2010/02/output-up_at_russia.html Feb 3, 2010 By OGJ editors HOUSTON, Feb. 3 -- The Vercknechonskneftegas (VCNG) combine produced 1.181 million tons (23,500 b/d) of oil in 2009, 30% above plan, the organization said. The group drilled and prepared for operation 41 wells in giant Verkhnechonskoe field in 2009. The field, in Kataganskiy District, Irkutsk Region, is considered Eastern Siberia Russia’s largest oil field. Verkhnechonskoe field reservoir pressure maintenance is a prerequisite for efficient use of the hydrocarbon reserves, the combine said. The field has C1+C2 reserves of 201.6 million tons of oil, 95.5 billion cu m of gas, and 3.4 million tons of condensate. Oil and condensate are to be shipped on the East Siberia-Pacific Ocean pipeline, the first phase of which opened at the end of 2009 (OGJ Online, Dec. 29, 2009). The major shareholders in VCNG are TNK-BP Holding 68.51%, Rosneft 25.94%, and East-Siberian Gas Co. 5.48%.
WSJ: Russia OKs $400 Mln Budget For Kharyaga Oil Field - Prime-Tasshttp://online.wsj.com/article/BT-CO-20100203-712949.html?mod=WSJ_latestheadlines MOSCOW (Dow Jones)--A Russian government committee has approved the Kharyaga oil project's $400 million budget for 2010, the Prime-Tass news agency reports citing Pierre Nerguararia, chief executive of Total Russia. He said daily oil output at the Kharyaga field was projected at 30,000 barrels in 2010. No comparisons were provided. The Kharyaga field, located in the Nenets Autonomous District, has oil reserves of 160.4 million metric tons, including 97 million tons in the area developed under the Kharyaga production sharing agreement. French oil company Total SA (TOT) holds 50% in the PSA, while Norwegian oil company Statoil ASA (STO) holds 40%, and the Nenets Oil Co., which is controlled by the Nenets Autonomous District's government, has a 10% stake. Agency Web site: www.prime-tass.com
WSJ: Rosneft Exec: Profit-Based Oil Tax Unlikely Before 2012http://online.wsj.com/article/BT-CO-20100203-708306.html?mod=WSJ_latestheadlines MOSCOW (Dow Jones)--Russia is unlikely to switch to a profit-based oil taxation system before 2012, Peter O'Brien, chief financial officer at state-controlled oil major OAO Rosneft (ROSN.RS), said Wednesday. Russia's Finance Ministry said last month Russia should move to a profit-based oil tax system and abandon tax breaks for East Siberian oil fields to avoid fiscal risks. "A profit-based tax system will create clarity for everybody," O'Brien said. State-controlled companies like OAO Rosneft (ROSN.RS) and Surgutneftegaz (SNGS.RS) are benefitting from zero export duty on newly developed fields in East Siberia. But Russian oil majors have argued for a profit-based tax. Company Web site: www.rosneft.com -By Jacob Gronholt-Pedersen, Dow Jones Newswires; +7 495 232 9197; jacob.pedersen@dowjones.com
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