Rosneft Sells Equinor 49% Share in KrasGeoNats for $550 million
PJSC NK Rosneft and Equinor have closed the deal, as a result of which the Norwegian company acquires 49% of LLC KrasGeoNats.
KrasGeoNats holds twelve exploration and production licenses for areas with traditional reserves located onshore in Eastern Siberia. Among them: Danilovsky (including the Severo-Danilovskoye field), Preobrazhensky, Verkhneichersky, Mogdinsky, Vostochno-Sugdinsky, Sanarsky and a number of other license areas.
The deal is worth about $550 million. In accordance with the agreement, Equinor also undertakes a number of obligations to finance the exploration program in the areas included in the perimeter of the transaction and a number of other payments.
KrasGeoNats will continue to develop the Severo-Danilovskoye field, which is part of the deal. The field is expected to reach the “shelf” of 2 million tons of oil per year in 2024. The rest of the sections are at the exploration stage.
In accordance with the agreements reached, all assets of KrasGeoNats will be subject to the agreement on cooperation in the field of industrial and fire safety, labor protection and the environment, which Rosneft and Equinor signed in 2018.
