Gazprom, Rosneft Snag Offshore Licenses

May 29, 2013

Barents Observer has reported that Russian government is continuing to grant state companies Gazprom and Rosneft huge fields in Arctic waters for small money. This week, Rosneft got the licenses to the Albanovskoye and Varnekskoye fields in the Barents Sea, while Gazprom got Morskoye, Nyarmeyskoye and Skuratovskoye fields in the Kara Sea, a press release from the federal government reads.

The two Rosneft fields hold an estimated 542 millon tons of oil and 1,2 trilion cubic meters of gas, while and the three Gazprom hold mostly gas, up to 3 trillion cubic meters. Again, the licenses are granted to the two shelf monopoly companies without any kind of tender.

The five licenses hold a total of about 585 million tons of oil, 4.2 trillion cubic meters of gas and more than 80 million tons of condensate, and cost the two companies the modest sum of 2.7 billion RUB (about €65 million).

The new resources, which now can be recorded on the quickly expanding offshore Arctic portefolio of the two companies, will will be enough to cover total EU-27 gas consumption for about eight years.

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