Are you sure?

Mol to buy out partner in Siberian oil field

Hungarian oil and gas company Mol Nyrt has signed an agreement to buy out a stake in an oil field in Siberia from its partner, Russia's North-West Oil Group (NWOG), NWOG CEO Julija Sozina confirmed on Monday for MTI's Russian correspondent. Mol, which holds 50% of the stake in the oil field, has agreed to buy NWOG's 50% stake by year-end, Sozina said, confirming a report in Russian business daily Kommersant. Seismology measurements started at the Surgutsky-7 field in Siberia's Khantia-Mansia Autonomous District in October 2005, and test drilling is expected to start next year. The field is thought to have potential reserves - C3-category under the Russian system - of 1.9 million tons, and forecast, or D1-category, reserves of 21.4 million tons. Sozina declined to reveal the price Mol would pay for the stake. Kommersant wrote that NWOG paid $11 million for the concession in the spring of 2005, but noted it could be worth double that amount now. (Econews)