Repsol and Alliance Oil Completed First Phase of JV in Russia
OREANDA-NEWS. August 24, 2012. Alliance Oil Company has transferred its upstream company Saneco to the joint venture with Repsol. Repsol contributed USD 37 million in cash to the joint venture and paid USD 36 million in cash to Alliance Oil. Alliance Oil holds a 51% stake and Repsol has a 49% stake in the joint venture.
In accordance with an agreement signed on December 20, 2011 Repsol and Alliance Oil have completed the first phase of their joint hydrocarbon exploration and production venture with the integration of
Alliance Oil has contributed its Saneco subsidiary, with brownfield upstream assets located in the Samara region with total production of 1.1 million barrels of oil (Mbbl) in the second quarter of 2012 and 2P reserves of 38 Mbbl as of December 31, 2011. Repsol has acquired shares in the joint venture from Alliance Oil for USD 36 million and has subscribed USD 37 million in new shares to reach a 49% stake in the joint venture company.
The agreement signed in December 2011 further envisions the contribution of Tatnefteotdacha by Alliance Oil and the contribution of Eurotek and cash by Repsol, which are expected to be completed in the fourth quarter of 2012. Following the completion of these transactions, the joint venture which is owned 51% and 49% by Alliance Oil Company and Repsol respectively, will have a total asset base worth approximately USD 840 million.
The joint venture will serve as a growth platform for both companies in the
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