The second deal of 2004 involved the acquisition of 74.8 per cent of SGI for US$11 million, winning access to the Russian firm’s exploration and production rights over a 1,224 sq km area of the West Medvezhye field in the Yamal region of Siberia, one of the largest gas and condensate provinces in the world.
The West Medvezhye field lies 130 km west of the world-class Orengoy field and is itself the west-south-western extension of the main Medvezhye field, which has produced more than 52 trillion cubic feet of natural gas and over 535 million barrels. The resource base, classified by Russian standards, is put at 134.8 billion cubic metres of gas (4.7 tcf) and 201 million barrels of condensate.
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