Rosneft gets stronger in Murmansk

The Rosneft headquarters in Murmansk. Photo: Thomas Nilsen

Russia’s biggest oil company is about to take over 100 percent of the Murmansk-based Arktikshelfneftegaz.


Rosneft, which over the last two weeks have made headlines with the signing of Arctic partnership deals with Eni and Statoil, looks set to strengthen its position in Murmansk.

Company President Eduard Khudainatov now confirms to journalists that he is interested in buying the remaining 50 percent stake of Arktikshelfneftegaz, a company with extensive experiences in Arctic exploration. Rosneft earlier this year bought 100 percent of the Sintezneftegaz and 50 percent of the Arktikshelfneftegaz for a total of $3.5 billion, Vedomosti reports. Both companies were owned by the Sintez Group.

The 50 percent share of the Arktikshelfneftegaz now in focus is owned by the Russian state.

“We are interested and have approached the State Property Agency,” Khudainatov said, adding that his company is now only waiting for a response, reports.

Arktikshelfneftegaz is specializing in offshore mapping, exploration and production of hydrocarbons and formally owns the license to the Medynsko-Varandeyskoye field in the Pechora Sea with an estimated 82 million tons of oil reserves.

As previously reported, the Sintez Group in the period 2006-2008 fought a hard battle against Russian authorities for the right to keep its offshore licenses, which also included the  Pakhtusov and Admiralty structures.

Although holding the licenses, Sintez was not allowed to develop the fields. Current Russian regulations grant only state-owned companies with several years of offshore experience the right to operate on the shelf.