Rosneft Acquires 51% Stake in Petroresurs

Igor Sechin, Rosneft President and Chairman of the Management Board and Ian Lundin, Chairman of the Board of Directors of Lundin Petroleum AB signed heads of agreement on Rosneft’s acquisition of a 51% interest in Petroresurs LLC.

Commenting on the signing, Igor Sechin said: “The agreements reached will enable the parties to realize the full potential of this promising asset. We hope to continue fruitful cooperation with Lundin on other projects in the future.”

Petroresurs LLC is owned 70% by Lundin Petroleum and 30% by Gunvor Group and holds exploration license for Lagansky offshore license block in the North-Eastern part of the Caspian Sea. With the block area of 3,386 sq. km, the Lagansky license block holds the Morskoye field with recoverable C1 and C2 oil reserves of 5.7 mln tons and 6.3 mln tons, respectively.