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Gazprom Neft Board adopts company’s participation in authorised capital of GN Novy Port Co

December 12, 2012, 20:00 UTC+3

The Novoportovskoye field is a new deposit received by Gazprom Neft lately

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MOSCOW, December 12 (Itar-Tass) —— The Gazprom Neft Board of Director has adopted participation of the company’s participation in the authorised capital of the Gazprom Neft Novy Port private company, which holds a licence for the development of the large Novoportovskoye oil and gas condensate field, located in Yamal, the company said in a statement on Wednesday.

Gazprom Neft will assign 6.3 billion roubles (USD 1 = RUB 30.73) in the Gazprom Neft Novy Port’s authorised capital, thus getting a 90-percent stake in the private company. The remaining skate belongs to Gazprom. In the future, Gazprom Neft plans to consolidate the 100-percent stake in the Gazprom Neft Novy Port company.

Gazprom Neft receives control over the Novoportovskoye field in the format of Gazprom’s strategy aimed at the hand-over of the Russian gas giant’s oil assets to its oil subsidiary.

The Novoportovskoye field is a new deposit received by Gazprom Neft lately. Earlier, the holding company sold Gazprom Neft Orenburg to Gazprom Neft, which became the owner of the eastern part of the Orenburg field and has created in the city a new oil cluster, thus hoping to raise its output in the region to six million tonnes of oil equivalent a year within the next five years.

The field’s recoverable reserves of the C1 and C2 categories are estimated at more than 230 million tonnes of oil and more than 270 billion cubic metres of gas.

Gazprom Neft works as the operator at the oil and gas condensate field many years in row. In 2012, the company held successful testing of the first oil producing well. According to the company, it will launch the commercial oil extraction at the field within two years.

In 2013, the company plans to drill three horizontal wells at the second block. In addition, Gazprom Neft plans to start construction of a terminal for the year-around oil loading, which will be commissioned in 2014.

In 2012, there were summed up results of a tender for the designing, supply of equipment and materials, construction and commissioning of the Arctic terminal for the year-round oil loading from the Novoportovskoye field. The terminal construction is planned to be complete in 2014.


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