Yamal Buys Eni’s Stake in Arctic Russia

As foreseen on Tuesday, Yamal Development signed a binding agreement with Italy’s Eni to acquire a 60% stake in Arctic Russia, which owns 49% of the SeverEnergia.

Yamal Development is a 50/50 Joint Venture between Novatek and Gazprom Neft. 

According to a note released on Wednesday by Novatek, the value of the transaction is USD 2,940 million.

“Following completion of the transaction, the effective share of Yamal Development in SeverEnergia will increase to 80.4%,” reads the press release. 

Eni, that will no longer hold a stake in SeverEnergia, will continue its explorations in Russia in the Black Sea and the Barents Sea. 

SeverEnergia holds four licenses for the exploration and production of hydrocarbons in the region of Yamal Nenets.