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New landmarks
Novatek will increase stocks at the expense of Gazprom
By December, the joint venture of Gazprom Neft and Novatek plans to buy out 51% of the Severshy shares from Gazprom. The amount of the transaction will amount to 46.3 billion rubles. And it will not allow the seller’s costs to purchase this asset from the Italian ENI and ENEL. As a result, Gazprom will only have a blocking share in the project, and a quarter of reserves and future income will go to Novatek's balance. The barrel of the reserves of the Oil equivalent of Seesnergy will cost the second largest gas producer in Russia of only 24 cents. True, the Italians paid for them in 2007 at an auction for the sale of Yukos assets and even less - 17 cents.The first deputy general director of Gazprom Neft, Vadim Yakovlev during the telephone conference for investors said that "approximate guidelines for the transaction are now clear." “The minimum price can amount to 46.279 billion rubles, or $ 1.5 billion. In addition, the joint venture will accept $ 250 million. In general, both partners will have $ 1.7 billion, ”Interfax quotes him.
But Gazprom will receive $ 1.5 billion. In September 2009, he closed the purchase transaction for 51% of Severshy from ENI and ENEL for $ 1.56 billion. It is difficult to call a commercially profitable such deal. Of course, this is not practicing in the 90s the withdrawal of promising sections from Gazprom to third-party companies, but in fact it is very similar to the redistribution of assets in favor of “who should”.
Gazprom Neft and Novatek registered Yamal Development LLC in early summer. And already in September it became known that they were buying a control package of Seesnergy. The holding belongs to the development of the Samburg, Evo-Yakhinsky, Yaro-Yakhinsky and North-Pacific deposits in the Nadym-Purtazovsky district. Oil reserves in categories ABC1+C2 are 568 million tons, condensate - 155 million tons, gas - 1.3 trillion cubic meters, or 13.3 billion barrels of oil equivalent. This is almost twice as much as it stood on the balance of Novate (though according to international standards) on December 31, 2009.
The share of the reserves that Gazprom Neft will receive (Gazprom belongs to 96%) will remain in the group. In the dry residue after the transaction - the sale of 3.3 billion barrels of oil equivalent, not requiring significant investments in the transport infrastructure, Novatek, the largest shareholder of which is an influential entrepreneur, co -owner of the Gunvor oil industry Gennady Timchenko.
In addition, according to the deputy general director of Gazprom Neft for the extraction of Boris Zilberminz, "the next year it is planned to be active in ending, because a significant proportion of reserves is reserves in category C2." Reserves can grow. In the time of Yukos, only the reserves of the Samburg and Evo-Yakhinskoye deposits were estimated at 860 million tons of oil and 260 million tons of condensate. “Only after that it will be possible to talk about planned investments,” he said.
Investments are ahead of considerable ones. Earlier, Ernst & Young, evaluating the assets of "Seesnergy", suggested that about $ 5 billion would be required. Senior UBS analyst Maxim Moshkov calculated that this money is enough to withdraw gas, oil and condensate to the project level by 2019. At the same time, the structure and location of the stocks will reduce the load on shareholders. Severshy deposits are in the immediate vicinity of Gazprom's gas transportation system. Therefore, first of all, gas production will begin. Already in 2011, it is planned to introduce the Samburg field, and by 2015-2017, the company should reach the design capacity of 22-23 billion cubic meters per year. That is, it will begin to generate income that can be invested in development without attracting the funds of shareholders.
Last week, a solution was also found to solve the problem of transporting liquid hydrocarbons from the Seversteria deposits. The government approved the financing scheme for the construction of the oil pipeline of the Obustri-Purpe (see “News Time” of November 2) , which will be held in three of the four Severshy deposits. Transneft and oil workers (Gazprom Neft, TNK-BP and LUKOIL) will throw 15 billion rubles each. And the pipes will begin to build first of all. And the state will issue guarantees for loans for the entire amount - 60 billion rubles, which will allow the oil pipeline in 2015. It turns out that here Novatek is also released from investment in infrastructure. Although, by 2017-2019, the Seesnergy shareholders plan to promote the oil-hearted component. The extraction of liquid hydrocarbons at the project level will be about 9 million tons per year. At oil prices $ 60 per barrel and for gas in the Yamalo-Nenets Autonomous Okrug $ 100 per thousand cubic meters (the forecast level of FST-regulated tariffs for 2013 $ 75, and after which the prices in the domestic market should be attached to export) annual revenue of Seesnergy. 2009.
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