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Alliance Oil Co. has signed an agreement to acquire 100% of the shares in SN-Gazdobycha (SNGD) for US $128 million.
SNGD holds two gas licenses covering an area of about 1,323 sq km (510 sq miles) located approximately 55 km (34 miles) west of the town of Kargasok, in the Tomsk region in Russia. Proved and probable (2P) gas reserves are estimated at 112 MMboe and proved, probable and possible (3P) reserves are estimated at 259 MMboe, according to a news release.
Gas field development includes four new wells drilled and a 43-km (27-mile) gas pipeline joining the Gazprom trunk pipeline at the Parabel tie-in point near completion. Gas production is scheduled to commence in the first half of 2013, the release said. Through the acquisition, the company’s total hydrocarbon reserves (3P) will increase by 26% from 997 MMboe to 1,256 MMboe, a news release said. The 2P reserves will increase by 17% to 760 MMboe from 648 MMboe.
The transaction is expected to be complete by 4Q 2012.