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Royal Dutch Shell, the Anglo-Dutch group, signs landmark deal with Gazprom

THE TIMES (UK): Need to Know

“Royal Dutch Shell, the Anglo-Dutch group, has signed a landmark deal with Gazprom, the Russian gas monopoly, to swap an approximately 25 per cent stake in the Shell-led Sakhalin-2 gas project for a half share in the Zapolyarnoye-Neocomian field, which has an estimated 400 billion cubic metres of gas and 400 million barrels of gas condensate.”

Friday 8 July 2005

Royal Dutch Shell, the Anglo-Dutch group, has signed a landmark deal with Gazprom, the Russian gas monopoly, to swap an approximately 25 per cent stake in the Shell-led Sakhalin-2 gas project for a half share in the Zapolyarnoye-Neocomian field, which has an estimated 400 billion cubic metres of gas and 400 million barrels of gas condensate.

Oil and Natural Gas, India’s state-run company, said that it was planning to build a 150,000-barrel-a-day refinery in conjunction with Cairn Energy, the Edinburgh group.

Dana Petroleum, the UK oil and gas group, has acquired BP’s interests in three North Sea blocks situated east of the Cleeton and Neptune field gas transportation and production infrastructure.

Petra Diamonds, the London-listed company, said that BHP Billiton, its joint venture partner, had agreed to fund all exploration costs at the Alto Cuilo project in Angola.

Rosneft, the Russian oil group, intends to seek a 20 per cent stake in Sibneft, Roman Abramovich’s oil company and erstwhile merger partner of Yukos, in lieu of the $3.5 billion (£2 billion) worth of debt owed to Rosneft by Yukos.

Venture Production, the UK oil and gas group, is selling its Trinidad operations to a company run by Bruce Dingwall, Venture’s founder and former chief executive, for $11 million in cash, $10 million worth of convertible loan notes and a 40 per cent stake in Ten Degrees North Energy, Mr Dingwall’s company.

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