Baker & McKenzie advised Yamal Development LLC, a 50/50 joint venture between Novatek and Gazprom Neft, on a USD2,940 million acquisition of a 60 percent equity stake in Artic Russia from Eni. Artic Russia owns a 49 percent interest in SeverEnergia, a Russian oil and gas company operating in the Yamal-Nenets region.
Previously, in December 2013, Baker & McKenzie advised Novatek on a share swap with Rosneft, whereby Novatek’s 51 percent interest in Sibneftegas was swapped for Rosneft’s 40 percent share in Artic Russia.
“This was a major cross-border deal. Our team demonstrated again its seamless work across jurisdictions and ability to structure and close a complicated transaction within a short timeframe,” said Alexey Frolov, the Moscow partner who led the team working on the deal.
Baker & McKenzie’s multi-jurisdictional team included lawyers in the Amsterdam, London and Moscow offices. It included partners Jeroen Hoekstra and John Paans (Amsterdam), Hugh Stewart (London) and Sergei Voitishkin. Support was provided by associates Koen Bos, Mark Richardson, Sergey Krokhalev and Kirill Manshin.
SeverEnergia holds the development and production licenses for the Samburgskiy, Yevo-Yakhinskiy, Yaro-Yakhinskiy and North-Chaselskiy license areas.