ConocoPhillips Sells Interest in Russian Joint Venture NaryanMarNefteGaz
ConocoPhillips announced today that, as part of its ongoing strategy to reposition its asset base, it has closed a transaction with LUKOIL for the sale of ConocoPhillips’ indirect 30% interest in NaryanMarNefteGaz (NMNG) and certain related assets.
Financial terms of the transaction were not disclosed. ConocoPhillips said it expects to recognize an after-tax financial gain of approximately $400 million for the sale.
"The sale of this non-core quality asset is an important component of our divestiture program for 2012,” said Don Wallette, executive vice president, Commercial, Business Development, and Corporate Planning. “We are pleased that LUKOIL, the co-owner of NMNG, recognizes the value of this asset."
Adapted from press release by Peter Farrell.
Read the article online at: https://www.oilfieldtechnology.com/exploration/23082012/conocophillips-sells-interest-in-naryanmarneftegaz/
You might also like
Curbing GHG emissions and costs
Michael Weidenfeller, Product Strategy Manager for Drilling and Mobile Power Applications, Caterpillar Oil & Gas, highlights how fuel-flexible dual-fuel engine technology is an important and reliable solution to reduce diesel consumption on oil and gas rigs.