OJSC Gazprom Neft which will hold shares of CJSC Northgas received from OJSC Gazprom in trust will later acquire them from Gazprom and own Northgas on a parity basis with NOVATEK, the Kommersant reported referring to a statement made by Vadim Yakovlev, first deputy CEO of Gazprom Neft.
Gazprom's spokesman Sergey Kupriyanov confirmed that the parties are "progressing in that direction."
Today, Gazprom holds 51% NOVATEK 49% in Northgas. It is proposed that the Gazprom group will sells 1% of the shares to Northgas making it an independent gas producer eligible for tax benefits.
Gazprom Neft (tax number: 5504036333) ranks fifth largest oil producer in the Russian Federation. Gazprom Neft and its subsidiaries own 61 licenses for the prospecting and development of oil fields. The proven oil reserves in fields belonging to the company exceed 4.5 billion barrels. The company's largest shareholder is Gazprom Group.
IFRS profit of OJSC Gazprom Neft attributable to its shareholders for 9 months 2012 increased by 8.8% to RUB 134.677 billion. Revenue rose by 20.4% to RUB 912.32 billion, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 10% to RUB 244.894 billion.
According to the information and retrieval system DataCapital, net profit (RAS) of Gazprom Neft for January-September 2012 increased by 18.2% to RUB 66.419 billion from RUB 59.19 billion the year before. Revenue increased by 11% to RUB 672.686 billion from RUB 607.278 billion, pre-tax profit by 5% to RUB 74.674 billion from RUB 70.901 billion. GP decreased by 22% to RUB 97.523 billion from RUB 125.246 billion.
NOVATEK (tax number: 6316031581) is the second largest natural gas producer in the Russian Federation after Gazprom. In 2011, its natural gas production (including the share in the recovery by OJSC Sibneftegaz) increased by 15.644 billion cubic meters (42%) in 2011. Liquids production increased by 494 thousand tonnes (13.7%), to 4.111 million tonnes.
Net profit (IFRS) of OJSC NOVATEK for H1 2012 decreased by 6.6% to RUB 30.908 billion from RUB 33.105 billion for the same period in 2011. Sales revenue for H1 2012 increased by 16.4% to RUB 99.518 billion. Profit from operations increased by 3.3% to RUB 40.892 billion from RUB 39.57 billion.
Net profit (RAS) of OJSC NOVATEK for 2011 increased by 76% to RUB 54.895 billion from RUB 31.191 billion for 2010. Revenue increased by 42.07% to RUB 151.945 billion from RUB 106.951 billion, sales profit by 61.51% to RUB 59.628 billion from RUB 36.918 billion.
Northgas holds the hydrocarbon production license for the Severo-Urengoyskoye field located in the Nadym-Pur-Taz and Purovskiy regions of the Yamal-Nenets Autonomous District and is in close proximity to NOVATEK's existing production, transportation and processing infrastructure.
According to international petroleum consulting firm DeGolyer & MacNaughton, the PRMS proved reserves of Northgas as of 31 December 2011 amounted to 1.7 billion boe, of which over 13% are classified as liquid hydrocarbons. During the first nine months 2012, the Severo-Urengoskoye field yielded 3.1 billion cubic meters of natural gas and 320 thousand tons of de-ethanized gas condensate.
Hydrocarbon deposits of the Severo-Urengoyskoye field are allocated between the Eastern and Western domes. Commercial production at the Western dome commenced in 2001, and it is estimated that the production launch at the Eastern dome will more than double the field's natural gas output and triple the output of gas condensate.