Russian state-owned oil major Rosneft has taken a large stake in Arctic Russia BV from Italian power company Enel, upstreamonline.com reported on Tuesday.
The 40 per cent stake purchase has set the company back $1.8bn and gives Rosneft a significant foothold in SeverEnergia and so the Yamal-Nenets autonomous region of Russia.
Once the stake purchase is pushed through, Rosneft will own 19.6 per cent of SeverEnergia, which is 51 per cent held by a joint venture between compatriots Novatek and Gazprom Neft.
The other 49 per cent is held by Arctic Russia, a joint venture between Enel and Italian state oil major Eni.
With Paolo Scaroni-led Eni holding 60 per cent in the joint venture, the purchase sees Enel exit and Rosneft team up with Eni on plays in Yamal-Nenets.
SeverEnergia owns licenses for nine fields, of which the four largest are Samburgskoye, Yaro-Yakhinskoye, Yevo-Yakhinskoye and Severo-Chaselskoye.
Proven and probable reserves stand at 7.3 billion barrels of oil equivalent.
Rosneft’s stake purchase is being made through gas asset subsidiary NGK Itera.