Gazprom sells 51% stake in SeverEnergia to Gazpromneft and NOVATEK for US$1.75 billion
Gazpromneft and NOVATEK have acquired Gazprom's 51% share in SeverEnergia for US$1.75 billion (including net debt of US$250 million). The SeverEnergia JV holds undeveloped oil and gas assets in West Siberia. The other shareholders are Eni (29.4%) and Enel (19.6%).Our analysis suggests that the deal will break even at long-term oil price of US$80/bbl. With the portfolio still in the early stages of development, potential delays and/or cost overruns represent downside risks to our ...