Gazprom to Pay 22.4 Billion Roubles for Barents and Karsk Sea Fields

July 15, 2013

The Russian government has awarded Gazprom the Ludlow gas field in the Barents Sea without requiring a tender, according to a government letter dated July 9. The same document give Gazprom the rights to the Rusanovkoye gas condensate field and the Beloostrov section in the Karsk Sea.

These federal-level fields were awarded to Gazprom for the purpose of conducting geological surveys, exploration and production of raw hydrocarbons. The one-time payments for the rights to these fields will be 4.416 billion roubles for the Ludlow field, 160.336 million roubles for the Beloostrov section and 17.864 billion roubles for the Rusanov field, for a total of 22.4 billion roubles.

Prime reports that reserves of gas within the boundaries including the Ludlow field on the state minerals balance as of January 1, 2012 was 80.111 billion cubic meters f C1 gas and 131.046 billion cubic meters of C2 gas.

Forecast hydrocarbon resources in the Beloostrov section based on a quantitative evaluation of Russia's raw hydrocarbon resource base is 578.6 billion cubic meters of D1 reserves. Geological reserves of condensate are estimated to be 50.3 million tons, with 36.2 million tons recoverable.

Source: Samotlor Express , 2013.