Rosneft takes full ownership of Itera

Rosneft has agreed to acquire 49% of Itera Oil and Gas from Itera Holdings for $2.9 billion, and now owns the company outright.

Offshore staff

MOSCOWRosneft has agreed to acquire 49% of Itera Oil and Gas from Itera Holdings for $2.9 billion, and now owns the company outright.

For Rosneft, the acquisition supports its plan to increase its gas production to 100 bcm/yr (3.53 tcf/yr) and to become the largest independent gas producer in theRussian Federation.

Itera’s interests include block 21 in the Turkmen sector of the Caspian Sea, where water depths range from 7-15 m (23-49 ft), and where gas resources are estimated at 700 bcm (24.72 tcf). In March, the company announced it would drill itsfirst exploration well on the block this year.

7/10/2013

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