Gazprom snaps up TNK-BP gas field
Wednesday 02 March 2011
Gazprom has won the rights to the giant Siberian gas field previously owned by a unit of TNK-BP, BP's Russian joint venture.
Gazprom was reported to have paid $773m (£475m) for the Kovykta field, which boasts enough reserves to cover the world's gas needs for eight months, and which will allow the Russian gas export monopoly to strengthen its links with the all-important Chinese economy.
The auction for the rights followed TNK-BP's decision last year to file to bankrupt Russia Petroleum, its Kovykta unit, after failing to win clearance to export gas from the field to China.
Earlier, in 2007, TNK-BP agreed to sell the field to Gazprom for around $1bn, but the transaction fell through amid disagreements over the price.
Responding to the sale, VTB Capital oil and gas analyst Lev Snykov said, at $773m, Gazprom had won the rights "virtually for free".
"The value will be crystallised as soon as Gazprom reaches a more distinct agreement with China but it will definitely be more than they paid for [the field]," he said.
Sales of the tablet are set to fall again, say analysts
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
George Lucas criticises the major Hollywood film studios
Does Chris Grayling realise what a vague concept he is dealing with?
Parties threaten resort's image as a family destination
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake report claiming the street artist's identity has been revealed
- 3 Are you ready for Crazy Doritos, the red-hot snack food craze sweeping Mexico’s streets?
- 4 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 5 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Isis in Kobani: US resupplies Kurdish fighters by plane - then Turkey allows reinforcements through its border
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Banksy arrest hoax: Internet duped by fake report claiming the street artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Amal Alamuddin calls for the return of the Elgin Marbles from Britain: 'Injustice has persisted for too long'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
iJobs Money & Business
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....
£60,000 - £80,000: Saxton Leigh: Our client is an leading Asset Manager based...
£27000 - £32000 Per Annum: Clearwater People Solutions Ltd: Our large charity ...