Company news in July 2004 | |||
Gazprom's and BP's Heads Discuss Kovykta's Development
Mr. Alexey Miller, Board Chairman of Gazprom OJSC, and Lord Brown, BP's President, discussed bilateral cooperation on the global energy market and also touched upon the Kovykta field development on July 1. According to Gazprom's news release, "it was agreed to intensify negotiations on Gazprom's and BP's interaction at the task groups' level and to discuss results at the next meeting this autumn." BP holds a 50% stake in TNK-BP in Russia; the company is also Rosneft's partner in implementation of the Sakhalin V Project. Gazprom OJSC, a coordinator of the program for East Siberian gas field development, is negotiating with TNK-BP on joining the Kovykta project. According to the preliminary feasibility study signed by TNK-BP with China's CNPC and South Korea's Cogas, the first gas will arrive to northeastern China and South Korea in 2008 in the amount of 12 billion and 10 billion cubic meters a year, respectively. Since 2013, China will increase purchases by 8 billion cubic meters for the Beijing Area. The first gas supplies from the Kovykta field to the Irkutsk Regional market may start in 2006 in the amount of 300 million cubic meters. In 2007, the scope of supplies to the regional market will amount to 2 billion cubic meters and will be brought to 2.2 billion cubic meters by 2009. Proven reserves of the Kovykta gas and condensate field in the Ñ1+Ñ2 category came to 2 trillion cubic meters. The licenses for the Kovykta field development are held by RUSIA Petroleum, a shareholder in which is TNK-BP (approx. 63%), Interros Holding Company (25.82%), the Irkutsk Regional Committee for State Property Management (10.78%).
Source: INTERFAX