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Hess Corp. had announced it was selling Samara-Nafta in November last year, as part of its restructuring strategy.
Over 30 companies had submitted their bid by mid-March to buy Samara-Nafta – producer of 2.5 million tons of oil a year.
“We have acquired a high-quality asset with a long-term growth potential in a new region that is characterised by one of the most developed oil and gas infrastructures in Russia and located in the close proximity to major petroleum product sales markets” Vagit Alekperov, Lukoil’s President, said in the statement.
“The above transaction harmonises with the Company’s Development Strategy until 2021 that provides for stabilisation and growth of oil production rate in Russia,” said Alekperov.
Samara-Nafta has the rights to explore and develop more than 60 fields within 23 licensed areas.
The firm operates mainly in Ulyanovsk and Samara regions, which boast of developed infrastructure.
It is also closely located to Lukoil’s oil refineries in the Black Sea and transport terminals. All this leads to a great optimisation of expenses for Lukoil.
“The acquisition of Samara-Nafta that possesses ready oil treatment capacities will enable Lukoil to create the base for further Lukoil promotion in the above region,” said the statement.
“Availability of oil refining, petrochemical and transportation capacities owned by Lukoil Group in the region will create a visible synergistic effect.”
The deal is now awaiting approval from the Russian Antimonopoly Committee.
Hess Corp. has been selling its assets as the company is focusing on crude exploration and production.
Last year it sold out Lodochnoye oilfield in the Krasnoyarsk region to a TNK-BP’ subsidiary Samotlorneftegaz, Shpilman and Imilorskoye oilfields in the Khanty–Mansi Autonomous Okrug.