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TNK-BP's Kovykta Auction in Siberia Postponed By 2 Weeks

08 февраля 2011 г. Neftegaz.RU



The sale of the licence holder of the giant Kovykta gas field, majority-owned by Russia's TNK-BP, has been postponed for two weeks and will be held on March 1, the sale administrator said on Tuesday.


"The sale was postponed as RUSIA Petroleum changed its bank account details after it had registered with another tax payment unit," Oleg Smetanin, the administrator.

Russia Petroleum  was declared insolvent by Irkutsk regional court in Siberia in October after TNK-BP, owned by British major BP and a quartet of Russia-connected billionaires, filed a petition to initiate bankruptcy proceedings.

Russia Petroleum   at one time could not repay loans amounting to 11.85 billion rubles., previously issued a subsidiary of TNK-BP Rizben Enterprises Ltd. By the way, TNK-BP put up a demand for early repayment of this loan, with all its consequences.


Initially the auction was mooted for Feb. 15 with a starting price of 15.083 billion roubles. During the auction price would rise a maximum of $ 100 million to meet the government's promise to return the TNK-BP's development costs Kovykta.


Russia Petroleum for 10 years could not begin to develop Kovykta because of disagreements among shareholders.

Gazprom has shown interest in the project. Gazprom is also trying to monopolize the export of  Kovykta's gas.

A typical situation is a swan, cancer, and pike (on the fable of the Russian writer Krylov).

Add to this the constant threat of Ministry of Natural Resources RF on revocation of a license to the field due to its long-term non-development.

Here is a picture obtained.


TNK-BP agreed in 2007 to sell Kovykta, which has more than 2 trillion cubic metres in reserves, to the world's largest gas company, Gazprom for about $1 billion, but the deal collapsed due to disagreements over the price.


Gazprom and Rosneft, Russia's top oil producer, have so far officially denied interest in the auction of the East Siberia gas field, though sources in the companies have indicated they may consider taking part.

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