British Petroleum acquires 49% of “Kharampur Oil and Gas” from Rosneft in Yamalo-Nenetsky region

British Petroleum
British Petroleum

BP has closed the transaction on purchase of 49% “Kharampurneftegas” from “Rosneft” which will eventually become a joint venture of BP and “Rosneft” (Russian-British joint venture), follows from the data of state register of legal entities (EGRUL). According to the register, “Kharampurneftegas” share by “PH gas” is 51%, and by BP — 49%. Previously, this transaction was approved by the FAS.

German antitrust regulator Bundeskartellamt announced at the end of December 2017 that BP filed a petition for the acquisition of shares in OOO “Kharampurneftegas”.

Rosneft at the end of 2017 explained that they and BP agreed to implement a joint project to develop the Kharampur and Festival oil and gas sites in the Yamal-Nenets Autonomous district (YANAO) with total geological reserves of more than 880 billion cubic meters of gas, BP will receive a share of 49% in the project. Rosneft will carry out oil and gas marketing.

The goal of the project is the development of hard-to-recover gas reserves.

The project involves the development of traditional gas reserves of the Cenomanian Deposit, pilot operation of the Turonian Deposit with the subsequent transition to full-scale development, as well as the optimization and improvement of oil production efficiency in the oil reservoirs of the Kharampur and Festival license areas.

In early 2017, a source in Rosnedra reported that the reserves of the Kharampur field amounted to 975 billion cubic meters of gas and 78 million tons of oil by AV1 + B2. More than 80% of gas reserves fall on hard-to-recover Turonian deposits in which Rosneft has a tax benefit of 79%.

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