Lundin Petroleum AB and its partner Gunvor Group signed a heads of agreement with Rosneft Oil Company to jointly sell 51% of PetroResurs LLC.
PetroResurs, the Russian subsidiary of Lundin, is the 100% owner of the Lagansky block license, located in the northeastern Caspian Sea.
The Lagansky block license contains the Morskoye discovery with best estimate gross contingent resources of 157 mmboe. Lundin currently controls 70% of PetroResurs, with Gunvor holding the remaining 30%.
“The agreements reached will enable the parties to realize the full potential of this promising asset. We hope to continue fruitful cooperation with Lundin on other projects in the future,” Rosneft President and Chairman of the Management Board Igor Sechin said.
With the block area of 3,386sq. km, the Lagansky license block holds the Morskoye field with recoverable C1 and C2 oil reserves of 5.7 mm tons and 6.3 mm tons, respectively.