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Zarubezhneft Emerges as Rosneft Rival
The first joint project of Zarubezhneft and PetroVietnam in Russia could be the development of four blocks of fields in Yamal-Nenets Autonomous District with the aggregate resources of 78 million tons of oil. But the partners will have to compete with Rosneft and LUKOIL in the battle for the fields.
Acting in tandem with PetroVietnam, Zarubezhneft is willing to bid for four blocks of fields in Yamal-Nenets Autonomous District that will be put up for sale May 7, a high-ranked source in oil and gas industry said on condition of anonymity. Bidding at the tender is actually the implementation of Russia’s-Vietnam’s agreement on further cooperation in oil and gas exploration and production. The agreement has extended the life of Vietsovpetro after 2010; Vietsovpetro annually produces 8.7 million tons of oil in Vietnam’s shelf. Russian President Vladimir Putin and Vietnam's President Nguyen Minh inked the respective document in November of 2006.
Four blocks of fields in Central-Khoreiverskoe area that are eyed by the alliance have the C1 geological resources of 187 million tons of oil and recoverable resources of 78 million tons. The blocks include 13 fields, each of which with the recoverable resources of 14 million tons to 22 million tons. The tender’s peculiarity is that not only the money but also the accompanying conditions, including the impact in social and economic development of the region and “the interests of Russia’s national security,” will be taken into account to determine a successful bidder.
The deadline for filing the bids is March 7, the deposit is to be submitted by April 29 and the tender proposals are accepted till April 11. The starting license payments range from 461 million rubles to 839 million rubles depending on the block.
www.kommersant.com
All the Article in Russian as of Feb. 29, 2008
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