Rosneft sale breaks deadlock on Lagansky in Caspian Sea

Lundin Petroleum and Gunvor Group have entered into a heads of agreement with Rosneft for the sale of 51% of PetroResurs.

Offshore staff

STOCKHOLM, Sweden – Lundin Petroleum and Gunvor Group have entered into a heads of agreement with Rosneft for the sale of 51% of PetroResurs.

PeroResurs is the 100% owner of the 3,386-sq km (2,104-sq mi)Lagansky block license in the Russian sector of the Caspian Sea. Lundin currently has a 70% stake in this company and Gunvor the remaining 30%.

The license contains the Morskoye discovery, estimated to hold resources of up to 157 MMboe. During recent years, follow-up appraisal and development work has been held up by ongoing negotiations with the Russian authorities.

Under the new agreement, Rosneft and Lundin will also investigate potential co-operation in the Norwegian andRussian offshore sectors.

10/3/2013

More in Regional Reports