Valery Golubev, Deputy Chairman of the Gazprom Management Committee and Vladimir Svaykin, Director General of SeverEnergia have signed an Agreement on Natural Gas Purchase today within the International Investment Forum “Sochi – 2011”.

Pursuant to the Agreement, Gazprom will acquire natural gas produced in the Samburgsky block (the license is held by Arcticgaz).

Summing up the signing procedure the parties noted that the Agreement would further enhance the partnership between the SeverEnergia participants.

Background

Yamal razvitiye (owned by Gazprom neft and NOVATEK on a parity basis) holds a 51 per cent stake in SeverEnergia with the remaining 49 per cent owned by Arctic Russia B.V., a joint venture of Italian Eni (60 per cent) and Enel (40 per cent).

SeverEnergia fully owns Arcticgaz, Urengoil Inc. and Neftegaztekhnologia. The companies hold subsurface licenses for oil and gas fields in the Yamal-Nenets Autonomous Okrug: the Samburgsky, Yevo-Yakhinsky, Yaro-Yakhinsky and Severo-Chaselsky blocks. Their ABC1 + 50% C2 reserves amount to 919 billion cubic meters of gas, 330 million tons of oil and 109 million tons of condensate.