Repsol will contribute Russian assets to the Joint Venture with Alliance Oil Company
Repsol to acquire Eurotek, a Russian exploration and production company
Press Release29/12/2011 00:00
Repsol purchases Eurotek, an exploration and production company with assets in the Russian Federation for a cash consideration of US$230 million, approximately.
Among the acquired assets there are two gas fields: Syskonsyninskoye (SK), which is at an advanced development stage and will start production in 2012 and Yuzhno-Khadyryakhinskoye (YK) which is under the final stage of appraisal.
In 2012, subject to the receipt of necessary governmental approvals, Repsol will contribute these assets at cost to AROG, the recently created joint venture in partnership with Alliance Oil Company, as part of Repsol´s commitment in cash and kind.
AROG will carry out oil and gas exploration and production operations in the Russian Federation, the biggest hydrocarbons producer in the world.