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Major Russian gas field deal done
 Germany's E.ON has finalised a deal with Gazprom over participation in development of the giant Yuzhno Russskoye gas field which is thought to contain over 600 Billion cubic metres – more than 21 Tcf.
Gazprom chief executive Alexei Miller signed the deal with his E.ON opposite number Bernhard Reutersberg during a meeting in St Petersburg which sees E.ON take just under 25% in the project, while in exchange Gazprom takes over E.ON's 49% stake in Russian company ZAO Gerogaz, which owns 3% of Gazprom's shares.
Gazprom will own 50% of Yuzhno Russskoye plus one share through the field's production licence and operator Severneftegazprom, with E.ON and Wintershall owning 25% each.
Discovered in 1969, Yuzhno Russskoye lies in the Yamal Nenets Autonomous region, with one source suggesting proven reserves are 805.3 Bcm while estimated reserves are put at more than 1,000 Bcm of gas.
Already in production with 26 wells further development of the field by Russia and Germany could see supplies from the field – at the rate of up to 25 Bcm a year - pumped into the Nord Stream gas pipeline from Russia to Europe, providing the main source of gas for that pipeline.Advertisement
 Siem WIS, a company 60% owned by Oslo-listed Siem Offshore, has landed a co-operation contract with StatoilHydro in connection with the development of its Riser Pressure Control Device (RPCD) technology for an unspecified amount. [Les mer ] • Contracts
 Aker Solutions won convincing approval from its shareholders, at an extraordinary general meeting, for the oilfield services group to go ahead with the controversial NOK 1.7 bn ($263m) raft of asset purchases from industrial group Aker ASA. [Les mer ] • Company news
 Sevan Marine has revealed that US financial institution Luxor Capital says it now controls 28% of the Norwegian oilfield services group, after having exercised its right to buy 24 million convertible bonds. [Les mer ] • Financial
 Olso-listed PetroMena has announced it is aware that Singapore-based Sembcorp Marine has accepted the bid for the disputed newbuild PetroRig I drilling unit from New York Stock Exchange-listed Diamond Offshore Drilling. [Les mer ] • Company news
 Shtokman Development AG has spelled out the details of two other offshore tenders related to the giant Barents Sea project which involve the field's flowlines and service lines and risers. [Les mer ] • Contracts
 Russian suppliers jockeying for position to win work from the Shtokman project have been told by the head of the development company behind the project that they can expect to be involved long term for up to 70 years. [Les mer ] • Field development
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Shell to pay out over Nigeria caseOil giant Royal Dutch Shell PLC is to pay out £9.7m ($15.5m) to settle a lawsuit over its alleged complicity in the 1995 execution of several Nigerian environmental activists, the UK Press Association and British media reported.
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