RBC-daily: German Wintershall and E.On can pay Gazprom for participation in the JV in 2013
The JV of Gazprom Plc. And German Wintershall and E.On – Severneftegazprom – can reassess the reserves of South Russian deposit upwards in a year. Thus, the German partners will probably have to pay more for participation in the project, the head of the operating company Stanislav Tsygankov said.
“In October 2013 the shareholders will specify the volume of the reserves considered in calculations in the assets exchange transaction. The total C1+C2 reserves make up about 1 trillion cubic metres of gas and 20 million tons of oil and gas condensate. Of course, we won’t increase the reserves by half a trillion, though the growth is possible”, he said.
In 2007 the reserves of the deposit made up about 610 billion cubic metres of gas, however, it became known after the appraisal that they were higher. The shareholders agreement presupposes one more reassessment or reserves in Q3, 2013. The volume of possible additional payment was not specified.
A representative of E.On Ruhrgas reported that the additional payment due to widening of the resource base is stipulated by the shareholders agreement. Wintershall provided no comments.
The growth of reserves can make up 400 billion cubic metres, the analyst of NOMOS-bank Denis Borisov says. In such case the additional payment of the German companies can make up about $2 billion USD. Analyst of Raiffeisen-bank Andrei Polischyuk assesses the growth of reserves at South Russian deposit only in 100 billion cubic metres and the volume of the additional payment – in $200 million from Wintershall and $150 million from E.On.
Severneftegazprom has been holding the license for development of South Russian oil and gas deposit since 2007. The share of Gazprom makes up 50% plus six ordinary shares, share of German concern BASF SE and its subsidiary Wintershall Holding GmbH – 25% minus three ordinary shares, E.On AG – 25% minus three ordinary shares. The project is financed using borrowed funds (up to 70%) and shareholders’ funds (30%). At the same time the share of Gazprom in the economics of the project makes up 40%, Wintershall - 35% and E.ON - 25%.
Source: http://www.oilru.com/news/326751/
Translated by Alexandra Utyasheva
