TNK-BP Sells Novosibirsk Region AssetsBack to list
Anglo-Russian oil producer TNK-BP (TNBP.RS) said Monday it had completed the sale of two upstream assets in order to optimize its asset portfolio and improve output efficiency, as Fox Business reports.
TNK-BP's statement confirming the sale of 100% of Novosibirskneftegaz stock and 71.1% of Severnoeneftegaz stock did not name the buyer or state the price. Interfax reported that Russneft had paid TNK-BP $400 million-$450 million for the stakes.
"TNK-BP's development strategy is focused on efficient improvement of core performance with a balanced asset portfolio to deliver the optimum rate of return," said Mikhail Slobodin, TNK-BP's executive vice president for strategy and new business development, in the statement. "This approach provides us with the operating and financial resources to pursue large-scale development projects in Russia's new petroleum provinces."
Novosibirskneftegaz is developing the Verkh-Tarskoe oil field which has 12.6 million metric tons of recoverable oil and condensate, and has two other licenses in the Novosibirsk Region. Severnoeneftegaz is developing Vostochno-Tarskoe and Maloichskoe fields which have recoverable reserves of 1.8 million tons.