| 2006-08-02 |
Îïóáëèêîâàíî: Vedomosti, #141(1668) |
Published by Oil and gas companies keep on buying licenses for resources development. Yesterday Sibneftegaz, Gazprom and Eurotek (Tyumen) paid almost US $190 million for three oil and gas fields in Yamal - Nenets Autonomous District (YaNAO). However, experts believe that all three companies will manage to get compensated a hundredfold.
Yesterday three licenses for geological survey and production of oil and gas sites in YaNAO were offered for sale. According to Interfax, Sibneftegaz, subsidiary of ITERA, won a license for Khadyryakhinskoye field. The recoverable reserves of the site constitute 12 million tons of oil; 15.9 BCM of C1 gas; 21.2 BCM of C2 gas; 37 BCM – C3 gas; 5 million tons of C3 gas condensate. Sibneftegaz paid RUR 2.07 billion while the initial single payment was RUR 300 million.
With the initial price being RUR 200 million, Eurotek offered RUR 2.2 billion and won license for Yuzhno -Khadyryakhinsky site. The resources include 1.1 million tons of C1 oil; 2.7 million tons of C2 oil; 10.3 BCM of C1 gas; 15 BCM of C2 gas; 262,000 tons of C3 condensate; and 792,000 tons of C2 condensate.
Gazprom won license for Parusovy site, having paid RUR 1.21 billion with the starting price of RUR 1.1 billion. Recoverable reserves of the site are: C1 oil - 946,000 tons; C2 oil– 9.3 million tons; C3 oil– 36.7 million tons; C1 gas - 21.5 BCM; C2 gas - 21.5 BCM; C3 gas - 70.5 BCM; C3 condensate -11.4 million tons.
"I couldn’t remind myself of such an active bargaining", - Valery Nesterov, Troika Dialog, says. He points out, that auctions are often quick to come to the end. Sibneftegaz and Eurotek made respectively 59 and 100 steps during the auction. But Gazprom managed to win auction by making just one step. However, Mr. Nesterov is sure, that the companies have not overpaid.
"These oil and gas fields are underexplored so far but they possess quite perspective resources", - the expert told. According to his calculations, Gazprom paid for resources US $0.13 per barrel, Sibneftegaz – US $0.23, Eurotek-US $0.43. A month ago Rosneft acquired a license for exploration and development of Severo -Charsky oil and gas field for RUR 4, 73 billion. That time the analysts estimated the cost of one barrel of the deal to be US $0.45.
According to Dmitry Lukashov (Aton expert) Gazprom purchase the license for development of the Parusovy site with only one step due to the fact that it would be difficult for any other company to develop this field. The Parusovy site is located next to the other Gazprom site – Yamburgskoye - and could be connected to its infrastructure.
ITERA is satisfied with yesterday’s acquisition. "This purchase is within the framework of strategy of oil and gas business development, company plans to obtain small and middle fields, - Victor Cheremukhin, ITERA Mass Media Department Director, said. "Khadyryakhinsky site is located close to Beregovoye field of Sibneftegaz and fits the business structure in Yamal", – he added. In opinion of Maxim Shein, Brokerkreditservice, a new acquisition of Sibneftegaz would increase attractiveness of the company for Gazprom. Gazprombank negotiates on acquisition of 51% controlling interest of Sibneftegaz. The asset seems to become more attractive with a new license. In general, Gazprom could pay US $350-400 million for a controlling interest of Sibneftegaz. Eurotek was out of reach. Sources from Gazprom and Gazprombank refused to comment.
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