Gazprom to export RUSIA Petroleum's gas

Gazprom will be the export operator in the project on exploring the Kovykta field. This agreement has been achieved by shareholders of RUSIA Petroleum and Gazprom executives, TNK Vice President Iosif Bakaleynik declared at a conference organized by Renaissance Capital today. According to him, the companies are currently negotiating the question whether Gazprom will participate in the field's exploration and gas sales. At the same time he stressed, that according to the latest calculations, investments in the exploration of the Kovykta field would amount to about $6bn to $8bn.

RUSIA Petroleum possesses the license to explore the Kovykta field. The company's shareholders are BP (32.95 percent), TNK (29.11 percent), Interros (25.71 percent), the Property Fund of the Irkutsk region (11.66 percent).

The Kovykta field is to be put into operation in 2005 to 2007. The main consumers of Kovykta gas are to be China and South Korea. The gas field's reserves are 1.882 trillion cubic meters.

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