Akin Gump Advises Equinor in Its Acquisition of a 49 Percent Stake in Oil Venture from Rosneft
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(Moscow) – Akin Gump has advised Equinor, a Norwegian-based international energy company, in its acquisition from Rosneft of a 49 percent interest in LLC KrasGeoNaC (KGN). KGN holds 12 conventional onshore exploration and production licenses in Eastern Siberia. The transaction is valued at $550 million.
Some of the onshore exploration and production licenses include mineral deposits of federal significance. As part of the transaction, Equinor has redirected its remaining exploration commitments offshore, in the Sea of Okhotsk, and will retain no outstanding obligations in that area.
One of the 12 licenses, the North Danilovsky development, started production in July this year, with output expected to reach 40,000 barrels of oil per day by 2024, with plans to increase this to 70,000 barrels per day.
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Alexey Kondratchik, Akin Gump Moscow partner leading the team advising Equinor, commented: “Akin Gump is delighted to have advised Equinor in this significant transaction, which will help the company to significantly increase its onshore presence in Russia.”
The Akin Gump team advising Equinor was led by Moscow corporate partner Alexey Kondratchik, with counsel Pavel Kabatov and senior counsel Alexander Trukhtanov and with significant involvement from London partner Artem Faekov.
The team also included Moscow partner Vladimir Kouznetsov, counsel Anna Semashko, Andrey Kulikov, Olga Te and Arsen Khachikyan and associates Alexey Maslyaev, Anna Kardash and Nikolay Ryashin.
International trade partners both in London, Jasper Helder and Chiara Klaui, and in Washington, D.C., Nnedinma Ifudu Nweke, advised in relation to sanctions and antibribery and corruption compliance.
Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers and advisors in offices throughout the United States, Europe, Asia and the Middle East. Founded in 1945, the firm is proudly celebrating its 75th anniversary in 2020. #AkinGump75
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