Deal insight

Gazprom sells 51% stake in SeverEnergia to Gazpromneft and NOVATEK for US$1.75 billion

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Report summary

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 ...

What's included

This report contains

  • Document

    Gazprom sells 51% stake in SeverEnergia to Gazpromneft and NOVATEK for US$1.75 billion

    PDF 382.45 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
  • Deal analysis
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

Images

  • Wood Mackenzie production forecast for SeverEnergia (net 51%, entitlement basis)

Tables

  • Executive summary: Table 1
  • Upstream assets: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Deal analysis: Table 3
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2

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