Eni has completed the sale of 60% stake held in Arctic Russia to Yamal Development, a joint venture of Novatek and GazpromNeft. The sale price is US$2.94bn. Arctic Russia holds a 49% stake in Severenergia, a joint gas production venture with assets in Yamal-Nenets Autonomous Region of Russia. 51% is already held by Yamal Development. SeverEnergia owns licenses for 9 fields, of which 4 largest are Samburgskoye, Yaro-Yakhinskoye, Yevo-Yakhinskoye and Severo-Chaselskoye. Proven and probable reserves stand at 7.3 Gboe. With these transactions, Novatek and GazpromNeft will each own 40.2% in Severnergia (25.5% directly and 14.7% through Arctic Russia), while Rosneft will hold an indirect stake of 19.6% through Arctic Russia.
Eni holds a significant presence in Russia and is the biggest buyer of natural gas from Gazprom and yet a major buyer of oil from Rosneft, with whom it also has a joint venture for the exploration of promising assets in the Black Sea and the Barents Sea. Moreover, Eni partners Gazprom in the South Stream project which, once completed, will deliver 63 bcm/year.