NMNGNaryanmarneftegaz, LLC (ConocoPhillips US and LUKoil Russia joint venture)
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This venture was founded in 1992 to develop the Ardalin field in the same province.Country: RussiaSector: Petroleum/Natural Gas/CoalTarget: Naryanmarneftegaz OOO (NMNG)Buyer: Lukoil OJSCVendor: ConocoPhillipsType: Corporate acquisitionStatus: Closed
Russian oil giant Lukoil OJSC (MCX:LKOH) said it had taken full control of its former joint venture with US energy company ConocoPhillips (NYSE:COP), called Naryanmarneftegaz OOO (NMNG), after buying its partnera[euro](tm)s indirect 30% stake in it.
NMNG operates a problematic Yuzno-Khylchyiskoye oilfield, which reserves were reassessed following an additional geological study because of the growing waterflood.