BP ‘eyes $800m Rosneft deal’

expat network

BP ‘eyes $800m Rosneft deal’

UK supermajor close to taking stake in East Siberia oil field from state-owned giant, report says

BP is close to spending up to $800 million to acquire a stake in a Russian oil field that would further cement its already significant relationship with state giant Rosneft, according to a report.

The UK supermajor is looking to tie up a 20% stake in the Tass-Yuriakh field in East Siberia, Moscow-based daily Kommersant reported, citing unnamed sources.

The newspaper said BP would pay between $700 million and $800 million for the stake from Rosneft, in which is already has a stake of just under a fifth.

A BP spokesperson would not comment on the report when contacted by Upstream.

In late 2013 Rosneft increased its stake in the Taas-Yuriakh Neftegazodobycha oil and gas producer to 100%.

Rosneft did not revealed how much it paid to three western investment funds — shareholders in the producer — to obtain full control, but analysts estimated at the time that the cost was between $400 million and $500 million.

24 December 2014 09:12 GMT

Source: www.upstreamonline.com

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.