Northgas
Encyclopedia
Northgas is a natural gas-producing company in Russia
. It is a developer of the North-Urengoy (Severo-Urengoyskoye) gas field in the Yamalo-Nenets region
. According to DeGolyer and MacNaughton
, it controls a total reserves of 368 billion cubic metres of natural gas. All produced gas is acquired by Gazprom.
had a stake of 5%. A license for the North-Urengoy field was transferred from Urengoygazprom to Northgas in 1994. In 1996, Bechtel sold its stake to Akhmedov-owned Farcot Group, which later also took over a stake owned by Transley. In 1999–2001, Farkhad Akhmedov gained full control over Northgas through the three emissions of additional shares and signing-off the existing share capital. Its ownership was transferred to the holding company REDI.
Northgas started natural gas production in 2001. However, due to a dispute with Gazprom
, the access of produced gas to the gas transportation system of Russia was limited and the Northgas license of the North-Urengoy field was annulled. In 2005, the dispute was resolved by Gazprom acquiring a 51% stake in Northgas free of charge. Gazprom owns its stake through Urengoygazprom.
A new dispute between the Farkhad Akhmedov's holding company REDI and Gazprom arose in 2008 over a gas price and access to the gas transportation system.
In January 2011, a Russian power producer Inter RAO announced that it will acquire REDI, which holds 49% take in Northgas for US$1.5 billion. Inter RAO made similar offer to Gazprom to acquire a full control of the company.
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. It is a developer of the North-Urengoy (Severo-Urengoyskoye) gas field in the Yamalo-Nenets region
Yamalo-Nenets Autonomous Okrug
Yamalo-Nenets Autonomous Okrug , is a federal subject of Russia . Its administrative center is the town of Salekhard. Population: -Geography and natural history:...
. According to DeGolyer and MacNaughton
DeGolyer and MacNaughton
DeGolyer and MacNaughton is a petroleum consulting company based in Dallas, Texas, with offices in Houston, Moscow, and Calgary.DeGolyer and MacNaughton was founded in 1936 by Everette Lee DeGolyer and Lewis MacNaughton. In 2004, it acquired Calgary-based Outtrim Szabo Associates forming its...
, it controls a total reserves of 368 billion cubic metres of natural gas. All produced gas is acquired by Gazprom.
History
Northgas was founded in 1993 to develop the North-Urengoy field. The company was controlled by Gazprom through its subsidiary Urengoygazprom, which owned a 51% stake in Northgas. 44% of the company was owned by Bechtel Energy, while Tansley, an offshore company owned by the Russian businessman Farkhad AkhmedovFarkhad Akhmedov
Farkhad Temurovich Akhmedov , , born September 15, 1955 is a businessman and politician.Farkhad was born in Baku, Azerbaijan and continues to maintain business interests there, such as AzNar JSC. A natural beverage manufacturer located in Goychay, which Farkhad purchased and renovated in 2007 in...
had a stake of 5%. A license for the North-Urengoy field was transferred from Urengoygazprom to Northgas in 1994. In 1996, Bechtel sold its stake to Akhmedov-owned Farcot Group, which later also took over a stake owned by Transley. In 1999–2001, Farkhad Akhmedov gained full control over Northgas through the three emissions of additional shares and signing-off the existing share capital. Its ownership was transferred to the holding company REDI.
Northgas started natural gas production in 2001. However, due to a dispute with Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
, the access of produced gas to the gas transportation system of Russia was limited and the Northgas license of the North-Urengoy field was annulled. In 2005, the dispute was resolved by Gazprom acquiring a 51% stake in Northgas free of charge. Gazprom owns its stake through Urengoygazprom.
A new dispute between the Farkhad Akhmedov's holding company REDI and Gazprom arose in 2008 over a gas price and access to the gas transportation system.
In January 2011, a Russian power producer Inter RAO announced that it will acquire REDI, which holds 49% take in Northgas for US$1.5 billion. Inter RAO made similar offer to Gazprom to acquire a full control of the company.