The 40% stake purchase has set the company back $1.8 billion and gives Rosneft a significant foothold in SeverEnergia and so the Yamal-Nenets autonomous region of Russia.
Once the stake purchase is pushed through, Rosneft will own 19.6% of SeverEnergia which is 51% held by a joint venture between compatriots Novatek and Gazprom Neft.
The other 49% is held by Arctic Russia, a joint venture between Enel and Italian state oil major Eni.
With Paolo Scaroni-led Eni holding 60% in the joint venture, the purchase sees Enel exit and Rosneft team up with Eni on plays in Yamal-Nenets.
SeverEnergia owns licenses for nine fields, of which the four largest are Samburgskoye, Yaro-Yakhinskoye, Yevo-Yakhinskoye and Severo-Chaselskoye.
Proven and probable reserves stand at 7.3 billion barrels of oil equivalent.
Rosneft’s stake purchase is being made through gas asset subsidiary NGK Itera.
“The transaction will help considerably increase Rosneft recoverable gas reserves, and will create a solid ground for consistent implementation of the company’s gas strategy, aimed at (a) gas production increase to 100 billion cubic metres per year and (the)transformation of Rosneft into the largest independent gas producer in Russia,” the company said on Tuesday.