- BP, AAR to Divest TNK-BP Stake to Rosneft
Rosneft signed Heads of Terms with BP and AAR consortium to acquire 100% stake in TNK-BP. BP would receive $17.1 billion in cash and 12.84% of Rosneft shares for its 50% stake while AAR will receive $28 billion in cash for the remaining 50%. On completion, BP will hold a 19.75% stake in...
BP, AAR to Divest TNK-BP Stake to RosneftGlobal Deals, Headlines, OthersRosneft signed Heads of Terms with BP and AAR consortium to acquire 100% stake in TNK-BP.
BP would receive $17.1 billion in cash and 12.84% of Rosneft shares for its 50% stake while AAR will receive $28 billion in cash for the remaining 50%. On completion, BP will hold a 19.75% stake in Rosneft.
TNK-BP highlights
- Upstream assets are located primarily in West Siberia (Nyagan, Nizhnevartovsk, Novy Urengoi, Khanty-Mansiysk and Yamalo-Nenets Autonomous Districts, Tyumen and Novossibirsk region), East Siberia (Irkutsk and Verkhnechonskoye region), and Volga-Urals (Orenburg Region)
- As of 31-Dec-2011, 1P reserves of 9,900 MMBOE (49% gas) and 3P Reserves – 39,350 MMBOE
- 2011 production of 1.99 MMBOE/d
- As of 31-Dec-2011, the company’s operational well stock consisted of 30,134 wells, of which 21,006 were producing and 8,366 were injection wells. As a result of drilling activities in 2011, 616 new producing wells were brought on stream
- Downstream: Holds interests in six refineries in Russia and Ukraine (including Ryazan and Lisichansk and Slavneft’s Yaroslavl refinery). TNK-BP has over 1,400 branded retail stations in Russia and Ukraine. As of 31-Dec-2011, the company had 747 MMbl/d of refining throughput
October 22, 2012

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- BP to pursue sale of its interest in TNK-BP
BP has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BPBP has, thereafter, notified Alfa Access Renova (AAR) of its intention to pursue the potential saleTNK-BP highlights:Corporate structure: BP (50%) and AAR (50%)Upstream assets are located...
BP to pursue sale of its interest in TNK-BPBP has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BPBP has, thereafter, notified Alfa Access Renova (AAR) of its intention to pursue the potential saleTNK-BP highlights:Corporate structure: BP (50%) and AAR (50%)Upstream assets are located...
BP to pursue sale of its interest in TNK-BPGlobal Deals, Headlines, Others- BP has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP
- BP has, thereafter, notified Alfa Access Renova (AAR) of its intention to pursue the potential sale
TNK-BP highlights:
- Corporate structure: BP (50%) and AAR (50%)
- Upstream assets are located primarily in Russia - West Siberia, East Siberia, and Volga-Urals (Orenburg Region)
- As of 31-Dec-2011,
- Proved Reserves (SEC reporting) – 9,900 MMBOE (49% gas)
- Proved plus Probable plus Possible Reserves – 39,350 MMBOE (PRMS reporting)
- 2011 Production: 1.99 MMBOE/d
June 2, 2012BP to pursue sale of its interest in TNK-BPGlobal Deals, Headlines, Others- BP has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP
- BP has, thereafter, notified Alfa Access Renova (AAR) of its intention to pursue the potential sale
TNK-BP highlights:
- Corporate structure: BP (50%) and AAR (50%)
- Upstream assets are located primarily in Russia - West Siberia, East Siberia, and Volga-Urals (Orenburg Region)
- As of 31-Dec-2011,
- Proved Reserves (SEC reporting) – 9,900 MMBOE (49% gas)
- Proved plus Probable plus Possible Reserves – 39,350 MMBOE (PRMS reporting)
- 2011 Production: 1.99 MMBOE/d
June 2, 2012 - BP Begins Next Stage in TNK-BP Sale
BP will enter into a 90-day period of "good faith" negotiations with Alfa Access-Renova, as required by the TNK-BP shareholder agreement, to sell a part or all of its 50% share in TNK-BP.BP will also enter into negotiations, in parallel, with other interested parties for the sale.AAR stated publicly...
BP Begins Next Stage in TNK-BP SaleBP will enter into a 90-day period of "good faith" negotiations with Alfa Access-Renova, as required by the TNK-BP shareholder agreement, to sell a part or all of its 50% share in TNK-BP.BP will also enter into negotiations, in parallel, with other interested parties for the sale.AAR stated publicly...
BP Begins Next Stage in TNK-BP SaleGlobal Deals, Headlines, OthersBP will enter into a 90-day period of "good faith" negotiations with Alfa Access-Renova, as required by the TNK-BP shareholder agreement, to sell a part or all of its 50% share in TNK-BP.
BP will also enter into negotiations, in parallel, with other interested parties for the sale.
AAR stated publicly that it was willing to buy one-half of the BP stake in TNK-BP (25%) at the current market price.
July 19, 2012BP Begins Next Stage in TNK-BP SaleGlobal Deals, Headlines, OthersBP will enter into a 90-day period of "good faith" negotiations with Alfa Access-Renova, as required by the TNK-BP shareholder agreement, to sell a part or all of its 50% share in TNK-BP.
BP will also enter into negotiations, in parallel, with other interested parties for the sale.
AAR stated publicly that it was willing to buy one-half of the BP stake in TNK-BP (25%) at the current market price.
July 19, 2012 - Rosneft, BP to Negotiate Share Purchase of TNK-BP
Further to a recent statement from BP of its intentions to sell its 50% shareholding in TNK-BP, Rosneft and BP have expressed interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.BP also confirmed that while conducting parallel discussions with Rosneft and...
Rosneft, BP to Negotiate Share Purchase of TNK-BPFurther to a recent statement from BP of its intentions to sell its 50% shareholding in TNK-BP, Rosneft and BP have expressed interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.BP also confirmed that while conducting parallel discussions with Rosneft and...
Rosneft, BP to Negotiate Share Purchase of TNK-BPGlobal Deals, Headlines, OthersFurther to a recent statement from BP of its intentions to sell its 50% shareholding in TNK-BP, Rosneft and BP have expressed interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.
BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.
July 24, 2012Rosneft, BP to Negotiate Share Purchase of TNK-BPGlobal Deals, Headlines, OthersFurther to a recent statement from BP of its intentions to sell its 50% shareholding in TNK-BP, Rosneft and BP have expressed interest in commencing negotiations. BP and Rosneft confirmed they have signed a non-disclosure agreement.
BP also confirmed that while conducting parallel discussions with Rosneft and any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.
July 24, 2012 - TNK-BP Sells Certain Upstream Assets in Western Siberia
TNK-BP has divested its 100% interest in OJSC Novoskibirskneftegaz and 71.09% interest in OJSC Severnoeneftegaz to a group of specialist Russian and foreign investors owning assets in the Russian oil and gas industry.Asset Highlights:Novosibirskneftegaz is developing the Verkh-Tarskoe oil field with 12.6...
TNK-BP Sells Certain Upstream Assets in Western SiberiaTNK-BP has divested its 100% interest in OJSC Novoskibirskneftegaz and 71.09% interest in OJSC Severnoeneftegaz to a group of specialist Russian and foreign investors owning assets in the Russian oil and gas industry.Asset Highlights:Novosibirskneftegaz is developing the Verkh-Tarskoe oil field with 12.6...
TNK-BP Sells Certain Upstream Assets in Western SiberiaGlobal Deals, Headlines, OthersTNK-BP has divested its 100% interest in OJSC Novoskibirskneftegaz and 71.09% interest in OJSC Severnoeneftegaz to a group of specialist Russian and foreign investors owning assets in the Russian oil and gas industry.
Asset Highlights:
- Novosibirskneftegaz is developing the Verkh-Tarskoe oil field with 12.6 MMT (99.5 MMbbl) of recoverable oil and condensate in A, B, and C1 categories. The company also owns two more licenses in the Novosibirsk Region.
- Severnoeneftegaz is developing Vostochno-Tarskoe and Maloichskoe fields with recoverable reserves of 1.8 MMT (14.2 MMbbl) in A, B, and C1 categories.
August 21, 2012TNK-BP Sells Certain Upstream Assets in Western SiberiaGlobal Deals, Headlines, OthersTNK-BP has divested its 100% interest in OJSC Novoskibirskneftegaz and 71.09% interest in OJSC Severnoeneftegaz to a group of specialist Russian and foreign investors owning assets in the Russian oil and gas industry.
Asset Highlights:
- Novosibirskneftegaz is developing the Verkh-Tarskoe oil field with 12.6 MMT (99.5 MMbbl) of recoverable oil and condensate in A, B, and C1 categories. The company also owns two more licenses in the Novosibirsk Region.
- Severnoeneftegaz is developing Vostochno-Tarskoe and Maloichskoe fields with recoverable reserves of 1.8 MMT (14.2 MMbbl) in A, B, and C1 categories.
August 21, 2012 - Reuters: BP May Acquire 12.5% of Rosneft in TNK-BP Sale
Reuters cites Kommersant:BP is in talks with Rosneft to sell its 50% interest in TNK-BP in a cash plus equity transaction.Rosneft is looking at buying 25% of TNK-BP's shares for $10-$15 billion in cash with another 25% to be acquired with Rosneft shares. This would result in BP acquiring at least...
Reuters: BP May Acquire 12.5% of Rosneft in TNK-BP SaleReuters cites Kommersant:BP is in talks with Rosneft to sell its 50% interest in TNK-BP in a cash plus equity transaction.Rosneft is looking at buying 25% of TNK-BP's shares for $10-$15 billion in cash with another 25% to be acquired with Rosneft shares. This would result in BP acquiring at least...
Reuters: BP May Acquire 12.5% of Rosneft in TNK-BP SaleGlobal Deals, Headlines, OthersReuters cites Kommersant:
BP is in talks with Rosneft to sell its 50% interest in TNK-BP in a cash plus equity transaction.
Rosneft is looking at buying 25% of TNK-BP's shares for $10-$15 billion in cash with another 25% to be acquired with Rosneft shares. This would result in BP acquiring at least 12.5% of Rosneft.
On 1-Jun-2012, BP announced its intention to pursue a sale of its 50% interest in TNK-BP.
September 20, 2012Reuters: BP May Acquire 12.5% of Rosneft in TNK-BP SaleGlobal Deals, Headlines, OthersReuters cites Kommersant:
BP is in talks with Rosneft to sell its 50% interest in TNK-BP in a cash plus equity transaction.
Rosneft is looking at buying 25% of TNK-BP's shares for $10-$15 billion in cash with another 25% to be acquired with Rosneft shares. This would result in BP acquiring at least 12.5% of Rosneft.
On 1-Jun-2012, BP announced its intention to pursue a sale of its 50% interest in TNK-BP.
September 20, 2012 -
BP Q2 GoM Operational UpdateOthers, Exploration, Headlines
In its Q2-2012 report, BP provided an update on its Gulf of Mexico (GoM) operations. The company plans to spend ~$4 billion in GoM out of the total 2012 capex of $22 billion; and expects to spend at the same level over the next few years.
The current asset portfolio in GoM includes:
Production/Development:- Production hubs such as Marlin, Horn Mountain, Na Kika, Holstein, Mad Dog, Atlantis and Thunder Horse
- Development projects such as Galapagos to start up in 2012, Na Kika Phase 3 to start up in 2013, Atlantis and Mad Dog to start up in Q3-2012
Exploration/Appraisal:- 43 new leases awarded in the Jun-2012 lease sale
- Paleogene discoveries such as Kaskida and Moccasin where appraisal wells are expected to be spud in Q3-2012;
- Tiber appraisal well and Gila exploration well expected to be spud in 2013
Rig Activity:The drilling activity in GoM is ramping up with the increased rig count.
- Six operating rigs with plans to have eight rigs in place by the end of 2012.
- Two of these rigs are currently working on production activities, two are drilling appraisal wells and two are working on plug and abandonment activity.
- By the end of Q1-2013, the company expects to have six deepwater rigs engaged in production enhancing activity.
- In particular, this activity will focus on restoring production on Thunder Horse and Atlantis to offset the decline from the reduced drilling over the last two years.
BP is planning to divest interest in certain of its non-strategic assets including Marlin, Horn Mountain, Holstein, Ram Powell and Diana Hoover fields.August 1, 2012BP Q2 GoM Operational UpdateOthers, Exploration, HeadlinesIn its Q2-2012 report, BP provided an update on its Gulf of Mexico (GoM) operations. The company plans to spend ~$4 billion in GoM out of the total 2012 capex of $22 billion; and expects to spend at the same level over the next few years.
The current asset portfolio in GoM includes:
Production/Development:- Production hubs such as Marlin, Horn Mountain, Na Kika, Holstein, Mad Dog, Atlantis and Thunder Horse
- Development projects such as Galapagos to start up in 2012, Na Kika Phase 3 to start up in 2013, Atlantis and Mad Dog to start up in Q3-2012
Exploration/Appraisal:- 43 new leases awarded in the Jun-2012 lease sale
- Paleogene discoveries such as Kaskida and Moccasin where appraisal wells are expected to be spud in Q3-2012;
- Tiber appraisal well and Gila exploration well expected to be spud in 2013
Rig Activity:The drilling activity in GoM is ramping up with the increased rig count.
- Six operating rigs with plans to have eight rigs in place by the end of 2012.
- Two of these rigs are currently working on production activities, two are drilling appraisal wells and two are working on plug and abandonment activity.
- By the end of Q1-2013, the company expects to have six deepwater rigs engaged in production enhancing activity.
- In particular, this activity will focus on restoring production on Thunder Horse and Atlantis to offset the decline from the reduced drilling over the last two years.
BP is planning to divest interest in certain of its non-strategic assets including Marlin, Horn Mountain, Holstein, Ram Powell and Diana Hoover fields.August 1, 2012
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