MOSCOW, April 1 (Reuters) – LUKOIL, Russia’s second-largest crude oil producer, agreed to acquire small producer Samara-Nafta for $2.05 billion from Hess Corp as part of a long-term strategy to stabilise falling oil output.
- Samara-Nafta produces 50,000 barrels per day
- LUKOIL trying to stabilise oil production
- Hess has 90 pct stake, to get $1.8 bln after tax
Samara-Nafta produces around 50,000 barrels per day and is headed by Simon Kukes, former chief executive of now defunct YUKOS oil company and of TNK, which was folded into TNK-BP assets in 2003.
It has around 85 million tonnes of 1 and 2 category oil reserves, a classification which is close to probable and proven reserves, LUKOIL said. Its production assets are located in the Volga river regions of Samara and Ulyanovsk.