Lukoil Consolidates Assets in Timan Pechora
LUKOIL announced today that it has acquired ConocoPhillips’ indirect 30 percent interest in Naryanmarneftegaz (NMNG) and certain related assets.
ConocoPhillips indirectly owned 30% in NMNG. The acquisition brings LUKOIL’s total ownership interest in NMNG to 100%. Financial terms of the transaction were not disclosed.
In view of the sale of ConocoPhillips’ 30% interest in NMNG as part of its divesture program for 2012, LUKOIL is aiming to strengthen and consolidate positions in its key upstream region – Timan Pechora oil and gas province.
ConocoPhillips divested from LUKOIL’s share capital in February 2011.
