The Russian-British joint oil venture TNK-BP...
Kovykta gas field with estimated reserves of 1.5 trillion cu m into large-scale development and is producing only 30 million cu m annually instead of 9 billion cu m as stipulated by the license, it has invested $664 million in the deposit, according to the company"s report.After Gazprom showed its unwillingness to buy the deposit, TNK-BP made another attempt to get its money back and requested the Russian government to help in the sale of the gas deposit field. The idea found support with Deputy Prime Minister Igor Sechin, who said that Kovykta could be bought by Rosneftegaz, the company where he chairs the board of directors.
The Russian government has had the possibility to get Kovykta back for free, considering TNK-BP"s failure to produce the amount of gas required by the license.
Russia"s Natural Resources Ministry initiated a series of audits into compliances with the license agreement, which exposed breaches by TNK-BP in terms of gas production volumes.
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23.05.2011