BP, AAR to Divest TNK-BP Stake to Rosneft

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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 Rosneft. TNK-BP...
BP, AAR to Divest TNK-BP Stake to Rosneft
- October 22, 2012
Global Deals,Headlines,Region - FSU
- October 22, 2012
Global Deals,Headlines,Region - FSU....
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
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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 primarily in Russia -...
BP to pursue sale of its interest in TNK-BP
- June 2, 2012
Global Deals,Headlines,Region - FSU,Finance
- June 2, 2012
Global Deals,Headlines,Region - FSU....
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
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Jun 02, 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 that it was willing...
BP Begins Next Stage in TNK-BP Sale
- July 19, 2012
Global Deals,Headlines,Region - FSU
- July 19, 2012
Global Deals,Headlines,Region - FSU....
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
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Jul 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 any other interested...
Rosneft, BP to Negotiate Share Purchase of TNK-BP
- July 24, 2012
Global Deals,Headlines,Region - FSU
- July 24, 2012
Global Deals,Headlines,Region - FSU....
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
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Jul 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 MMT (99.5 MMbbl) of...
TNK-BP Sells Certain Upstream Assets in Western Siberia
- August 21, 2012
Global Deals,Headlines,Region - FSU
- August 21, 2012
Global Deals,Headlines,Region - FSU....
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
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Aug 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 12.5% of Rosneft.View...
Reuters: BP May Acquire 12.5% of Rosneft in TNK-BP Sale
- September 20, 2012
Global Deals,Headlines,Region - FSU
- September 20, 2012
Global Deals,Headlines,Region - FSU....
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.
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Sep 20, 2012
BP signs two PSCs with Govt of Trinidad & Tobago
BP signs two PSCs with Govt of Trinidad & Tobago
- May 16, 2012
Exploration,Headlines
- May 16, 2012
Exploration,Headlines
Map of blocks Source: BP website
BP has signed two PSCs with the Government of the Republic of Trinidad and Tobago

Asset highlights:

Deepwater blocks - Block 23(a) and TTDAA 14 - located approximately 300 km from the Northeast coast of Trinidad

BP was awarded a 100% interest in Jul-2011
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May 16, 2012