Bloomberg News

Rosneft Agrees to Pay $120 Million for Barents Sea Oil Fields

March 01, 2012

OAO Rosneft, Russia’s largest oil producer, agreed to pay 3.5 billion rubles ($120 million) for licenses to oil and gas deposits in the Russian sector of the Barents Sea.

Rosneft bought 100 percent of Sintezneftegaz, holder of the offshore Pakhtusovskaya and Admiralteyskaya areas, the Moscow-based company said in a financial statement late yesterday.

The Russian state-run producer also acquired 50 percent of Arcticshelfneftegaz, owner of the Medinsko-Varandeysky deposit in the Barents Sea, Rosneft said in the statement.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Denis Maternovsky at dmaternovsky@bloomberg.net


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