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  • 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 Rosneft
    Global Deals, Headlines, Others

    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 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

    View Rosneft press release

    October 22, 2012
  • 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-BP
    Global 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 Sale
    Global Deals, Headlines, Others

    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 that it was willing to buy one-half of the BP stake in TNK-BP (25%) at the current market price.

    View AAR press release

    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-BP
    Global Deals, Headlines, Others

    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 any other interested parties, it will negotiate in good faith with Alfa Access-Renova in accordance with its legal obligations.

    Read Rosneft press release

    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 Siberia
    Global Deals, Headlines, Others

    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 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.

    View TNK-BP press release

    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 Sale
    Global Deals, Headlines, Others

    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 12.5% of Rosneft.

    View original article

    On 1-Jun-2012, BP announced its intention to pursue a sale of its 50% interest in TNK-BP.

    September 20, 2012
  • Comments on BP selling stake in TNK-BP

    Bloomberg reports,BP to pursue a sale of stake TNK-BP, which analysts say, could raise at least $30 billion"BP should exit and reinvest in more profitable areas with less political risk... there is now very little, if any value in BP's share price for the business" -Ian Reid, Jefferies...

    Comments on BP selling stake in TNK-BP
    Global Deals, Headlines, Others

    Bloomberg reports,

    • BP to pursue a sale of stake TNK-BP, which analysts say, could raise at least $30 billion
    • "BP should exit and reinvest in more profitable areas with less political risk... there is now very little, if any value in BP's share price for the business" -Ian Reid, Jefferies analyst
    • Alfa-Access-Renova group (AAR) CEO Stan Polovets said that AAR made a preliminary proposal to buy BP's stake about a month ago
    • According to Jefferies, Rosneft could be a likely buyer 
    • BP declined to identify potential bidders
    • Gazprombank analyst Alexander Nazarov said that the potential sale is a large negative for TNK-BP, BP and the Russian investment climate as a whole and that international perception could form that BP was kicked out of Russia

    View original article

    June 2, 2012

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