Kovykta field

Kovykta field

Kovykta gas condensate field is one of the largest undeveloped gas fields in East Siberia, Russia, Kovykta is located in the northern part of the Irkutsk Oblast, in the Zhigalovo and Kazachinsko-Lensk Districts. The field was discovered in 1987. The reserves of Kovykta amount to 2 trillion cubic meters of gas and more than 83 million tons of gas condensate. The period of active gas production in the Kovykta field is expected to be 30 years, and the period of field development about 50 years.cite news | url=http://www.tnk-bp.com/operations/exploration-production/projects/kovykta/ | title = Kovykta Project |publisher=TNK-BP | accessdate=2007-06-29] The field is developed by Rusia Petroleum, 62.9% of which was owned by TNK-BP. In June 2007, TNK-BP agreed to sell its stake for US$ 700 million to US$ 900 million to Gazprom with option to buy back a 25% plus one share stake in the project.cite news | url=http://money.cnn.com/2007/06/22/news/international/bp.reut/index.htm | title = BP sells Kovykta gas field stake to Gazprom | publisher= CNN | date=2007-06-22 | accessdate=2007-06-29] cite news | url=http://www.nytimes.com/2007/06/23/business/worldbusiness/23gazprom.html | title = Moscow Presses BP to Sell a Big Gas Field to Gazprom | publisher=New York Times | date=2007-06-23 | accessdate=2007-06-29] cite news | url=http://www.gazprom.com/eng/news/2007/06/24143.shtml | title = Gazprom, BP and TNK-BP enter into agreement on major terms of cooperation | publisher=Gazprom | date=2007-06-22 | accessdate=2007-06-29] The deal value will be fixed at a current market price within a 90 day period.

The Kovykta field is considered to supply natural gas to China and Korea. According to these agreements signed by Rusia Petroleum with China National Petroleum Corporation and Kogas on 2 November 2000, the annual export of gas to China and Korea will be 20 billion cubic meters (bcm) and 10 bcm, respectively. The Kovykta field will contribute also to the gasification of Irkutsk Oblast, implemented by the OAO East Siberia Gas Company, a joint venture of Gazprom (originally TNK-BP) and the Irkutsk Oblast Administration.

ee also

*Energy policy of Russia
*Energy policy of China

References


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