Rosneft Gets Right to Buy Black Sea, Barents Sea Explorers

OAO Rosneft, Russia’s largest oil producer, has gained approval from the antitrust regulator to acquire two companies with licenses in the country’s southern Black Sea and Arctic Barents Sea.

A Rosneft subsidiary was cleared to buy Russian billionaire Vladimir Lisin’s Black Sea oil explorer ZAO Chernomorneftegaz and Arctic explorer ZAO Sintezneftegaz, the Federal Anti- Monopoly Service said today on its website.

Both closely held oil explorers have faced limitations on development since Russia introduced laws restricting offshore oil and gas production to state-owned companies, such as Rosneft and OAO Gazprom. Sintezneftegaz has spent $80 million on exploration in the Arctic and in Africa, according to the company website.

Rustam Kazharov, a Rosneft spokesman, was not immediately available for comment when Bloomberg News phoned his mobile phone.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Torrey Clark at tclark8@bloomberg.net

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