CNOOC Ltd. said June 7 that the company and CEPR Ltd., a wholly-owned subsidiary of the company, entered into a share purchase agreement with Joint Stock Company Novatek and Ekropromstroy Ltd. Liability Co., a wholly-owned subsidiary of JSC Novatek, pursuant to which, CEPR shall acquire 10% equity interest in Arctic LNG 2 LLC held by Ekropromstroy.
Pursuant to the share purchase agreement, completion of the acquisition is conditional upon the approval of relevant government authorities of China and Russia and satisfaction of certain other conditions. The acquisition is expected to complete in the near future.
JSC Novatek is principally engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons and has more than 20 years of operational experience in the Russian oil and natural gas sector.
Arctic LNG 2 LLC is a limited company incorporated in the Russian Federation engaging in the Arctic LNG 2 Project, the second large onshore conventional natural gas project led by JSC Novatek on the Gydan Peninsula in Russia, which contains the development and production of Utrenneye gas field and the construction and operation of three liquefied natural gas trains. Arctic LNG 2 LLC holds the LNG license that grants an exclusive right to export LNG produced from gas extracted from the Utrenneye gas field.
The bid adds to a spate of energy deals in Australia over the past year with acquirers seeking to swoop on beaten down assets, from Beach Energy's takeover of Drillsearch Energy to Woodside Petroleum's bid for Oil Search.
AWE said on Dec. 19 Waitsia holds 820 petajoules (PJ) of proved and probable reserves, up from the previous estimate of 811 PJ as some contingent reserves have been reclassified. The estimate has been raised 80% since June after the company drilled new wells.