12:29 GMT +323 March 2018
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    Gazprom subsidiary sets up oil field operator

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    MOSCOW, December 3 (RIA Novosti) - A Gazprom [RTS: GAZP] subsidiary has registered a new operator to develop oil fields owned by the Russian energy giant and its subsidiaries, Gazprom Neft said in a press release Monday.

    "The Tazovskoye and Novoportovskoye deposits [in West Siberia] ... will be priority fields to be commissioned," the company, which is Gazprom's oil-producing arm, said.

    According to reports in late October, Gazprom planned to transfer 11 oil licenses to Gazprom Neft within the next two to three years.

    Gazprom holds a 75% stake in Gazprom Neft, formerly Sibneft. Italy's energy concern Eni owns 20%, and Gazprom has an option to buy the stake.

    Gazprom Neft said in early November that its unconsolidated net profit calculated to Russian Accounting Standards (RAS) grew 9.4% year-on-year in July-September 2007 to 19.33 billion rubles ($773 million).

    Last year the company's RAS net profit increased 48% to 63 billion rubles ($2.6 billion) year-on-year.

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