Gazprom Neft files request with FAS to buy 25% of Repsol subsidiary in KMAD
MOSCOW. June 7 (Interfax) - Gazprom Neft has filed a request with Russia's Federal Antimonopoly Service (FAS) to acquire 25% of Spanish Repsol's subsidiary Eurotek-Yugra in Khanty-Mansi Autonomous District (KMAD), the FAS press service told Interfax.
"The request was received on May 26 and is now under review," an FAS representative said, adding that the antimonopoly agency has a month to review the request.
Gazprom Neft and Repsol are in the final stage of agreeing to conditions for the creation of a joint venture on upstream assets in the KMAD, the head of Gazprom Neft's upstream business development department, Dmitry Drobyshev, said on May 29.
"The conditions for the creation of a joint venture [between Gazprom Neft and Repsol] on upstream KMAD assets are currently in the final stage of being agreed to," he said, adding that he hoped the deal could be closed in Q2 2017 following receipt of all permits.
"Creation of the joint venture will enable us to consider other projects in the region as well," he said.
Sources told Interfax previously that Gazprom Neft was in talks with Repsol on purchase of its upstream assets in KMAD. One of the sources said this concerned a 50% interest in a recently discovered field in the Karabash blocks.
Repsol owns 100% of JSC Eurotek-Yugra, which, according to the Russian Federal Geology Fund (Rosgeolfond), holds licenses to the Karabash-1 and -2 sections, valid until 2033.
In January this year, Eurotek-Yugra extended the licenses to prospect the Kileisky section and Karabash 79 and Karabash 78 sections until the end of 2019.
Eurotek-Yugra also holds licenses to study the Karabash 3 and Karabash 9 sections until March 2018. Its license for the Salym section expires in October this year.
Repsol says in reporting that it announced the discovery of the Ourinskoye field at its wholly owned Karabash 1 and Karabash 2 blocks in June 2014.
The company says it has listed reserves of 240 million barrels of oil equivalent with the Russian Federal Subsurface Resources Agency (Rosnedra). Rosnedra itself says the field contains an estimated C1+C2 oil reserves of 33 million tonnes.