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Norwegian E&P company Aladdin Oil & Gas Company ASA signs gas sales agreement with Gazprom
Nordic Business Report, Jan 17, 2008
NORDIC BUSINESS REPORT-17 January 2008-Norwegian E&P company Aladdin Oil & Gas Company ASA signs gas sales agreement with Gazprom(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com
Norwegian exploration and production company Aladdin Oil & Gas Company ASA announced on Thursday (17 January) that it has signed a gas supply agreement with Komi Regiongas, a wholly-owned subsidiary of the Russian energy group Gazprom.
Under the agreement Komi Regiongas will purchase Aladdin's entire gas production at the Middle Sedolskoye field in Russia.
The sales are expected to begin in June.
The Russian gas price is currently USD55-60 per 1,000 cubic metres, but is expected to rise this year.
"A cooperation with Komi Regiongas represents another milestone for Aladdin and further strengthens our position as an operator in Russia," said Espen Glende, CEO of Aladdin.
Aladdin Oil & Gas Co, headquartered in Oslo, Norway, owns the Russian oil companies OOO Geotechnologia and ZAO Orneftegaz. The company has 80 employees.
One British pound (GBP) is worth approximately 1.96 US dollars (USD).
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