LUKOIL President Vagit Alekperov (left) and Gazprom CEO Alexey Miller
Photo: Dmitry Lebedev
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Gazprom Neft Sets Up Subsidiary to Operate Oil Fields
Gazprom Neft is planning to give away the operation of Gazprom’s oil fields to a new subsidiary, the gas monopolist reported. Analysts note that the gas giant will still be able hand over its new oil assets to Gazprom Neft. However, the process may be delayed for two more years until Enineftegaz which bought 20 percent in Gazprom Neft from YUKOS agrees to sell the stake to Gazprom.
Gazprom Neft, where Gazprom holds 76 percent, is creating a subsidiary to develop oil fields of the gas firm, Gazprom’s corporate magazine said Tuesday. The Russian gas monopolist owns fields with 67.3 million metric tons of proven and 232.2 million of probable oil reserves, according to DeGolyer & MacNaughton. The company, however, extracts as little as 1 million tons a year. Gazprom Neft is supposed to act as a contractor and operator for oil fields.
The Gazprom magazine reports one contract to be ready, five more in the offing this year and four to be signed next year. Gazprom’s total oil production is expected to reach 11 million tons by 2015, the magazine says. Gazprom Neft is going to form a unit, Gazprom Neft-NOVAK, to operate Gazprom’s ten oil fields. A well-informed Kommersant source says that Gazprom Neft will retain its contractor functions.
Industry analysts are convinced that the new company is not going to come in the way for Gazprom Neft if it receives the ownership for fields’ operation licenses from Gazprom.
However, the matter is still up in the air, a source in Gazprom Neft admits. Gazprom said last year it would not hand over licenses to Gazprom Neft unless it receives YUKOS’ 20 percent in the subsidiary. The stake was sold in a YUKOS bankruptcy auction in April to Enineftgaz, a firm of Eni and Enel, which granted Gazprom a two-year option to buy the share. Eni, however, later said that it would like to keep the stake.
www.kommersant.com
All the Article in Russian as of May 30, 2007
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