Lukoil sells 20% stake in NOC to Rosneft for 8.4 bln rubles
MOSCOW. March 13 (Interfax) - Lukoil has sold its 20% stake in the National Oil Consortium (NOC) in Venezuela to Rosneft for 8.4 billion rubles, Lukoil said in its earnings report.
Lukoil estimated the nominal value of the 20% NOC stake at 3.6 billion rubles in 2014.
Rosneft and Lukoil reported the signing of the legal documents on sale of the NOC stake at the end of 2014. Payment was made on January 13, 2015. Based on the terms of the agreement and the Central Bank exchange rate on that date, the deal was worth 8.4 billion rubles.
Rosneft purchased the 20% stake in NOC held by another Russian oil company, Surgutneftegas , in early 2013 for 6 billion rubles or $200 million.
Lukoil notes that the price in the sale agreement is $150 million at the current exchange rate less 896.4 million rubles.
NOC was formed in October 2008 with equal 20% stakes going to five Russian oil companies: Rosneft, TNK-BP, Gazprom Neft , Lukoil and Surgutneftegas. Rosneft subsequently purchased TNK-BP.
Following the acquisition from Lukoil, Rosneft owns 80% of NOC. Gazprom Neft has the remaining 20%. Gazprom Neft said it has no plans to dispose of the NOC stake, because it views Venezuela as a promising region.
NOC owns a 40% stake in the Petromiranda joint venture with Venezuelan PDVSA, which has 60%. Petromiranda is developing the Junin-6 block in the Orinoco heavy-oil belt. Oil in place totals 52.6 billion barrels of oil. The Junin-6 project will require investment estimated at $25 billion. Production is projected to peak at 450,000 barrels per day (about 22.5 million tonnes a year).
