Rosneft consolidates 100% of Sintezneftegaz, acquires 50% of Arcticshelfneftegaz
MOSCOW. March 2 (Interfax) - Rosneft consolidated 100% of CJSC Sintezneftegaz and purchased a 50% stake in CJSC Arcticshelfneftegaz in February 2012, the company said in its financial report to International Financial Reporting Standards (IFRS) for 2011.
Rosneft is not currently holding negotiations with the Sintez group on purchasing its assets, Rosneft President Eduard Khudainatov told Interfax at the end of last year. The reason for the halt in negotiations was Sintez's uncertain position regarding its plans for selling its assets. "It wasn't clear whether Sintez is selling," Khudainatov said.
Sintezneftegaz engages in exploring, prospecting, developing, and producing at gas and oil deposits. The company, part of the Sintez group, has since 2006 litigated with the Russian Subsurface Resources Agency (Rosnedra) for the right to use of the Admiralteisky and Pakhtusovsky sections in the Barents Sea. At the beginning of September, Rosnedra renewed Sintezneftegaz's rights to perform geological study of these blocks. The license is valid until February 11, 2013. Since September 2004, Sintezneftegaz has done 2D maritime field seismographic studies over 5,700 running kilometers, processed 2D seismic materials from previous years (4,000 running km), done engineering and geological study for the installation of a floating drilling rig to build exploratory wells, and ecological research. It has more than once been announced that Rosneft is interested in these areas.
According to Sintez, initial geological oil reserves at the Medynsko-Varandei section are estimated at 410 million tonnes.
The former Arcticshelfneftegaz shareholders were Federal State Property Mangagement Agency Rosimuschestvo (through Arcticshelfneftegazrazvedka) and Industrial Investments (part of the Sintez group). The license to develop the Medynsko-Varandei offshore field was given to Arcticshelfneftegaz to 2025.