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BP faces Russian review at Kovytka

Published May 29, 2007

Russia illust

BP could lose hold of the 2-trillion-cubic-metre Kovytka gas field in Siberia this week, as regulators examine evidence brought by license-monitoring agencies that subsidiary TNK-BP has never attained agreed production rates.

Wire media, the Financial Times and Russian news agencies reported the hearing of monitoring-agency evidence could pave the way for a new tender, where Gazprom could win control.

OilGas24.com affiliate, Scandinavian Oil-Gas Magazine reported at length on the BP-Russian dispute over Kovytka in a special devoted to Russian environmental-agency probes of Western oil-company operations in Russia.

BP maintained in the Magazine article of January/February 2007 that Russian requests for 9 bcm of production annually did not jive with regional need in Irkutsk.

Only a contract with Asian buyers would warrant more production.

Other oil companies, among them Total and Imperial Energy, have survived encounters with Russia’s license watchdogs and maintained control of their assets.

ws@oilgas24.com

 

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