Russia to auction seven oil and gas deposits

20:25, June 24, 2010      

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Russia's energy-rich Yamalo-Nenets Autonomous region plans to auction up to seven oil and gas deposits, the RIA Novosti news agency reported on Thursday.

The regional government will offer five gas deposits of the South Tambeisky block on June 28 and two oil and gas deposits of the Novoportovskoye block in July, Vladimir Vladimirov, a deputy head of the regional administration said.

The regional government received bids for the deposits of the South Tambeisky block from gas giant Gazprom and Russia's largest independent gas producer Novatek, Vladimirov said.

The bids for the other two deposits were likely to be submitted by Gazpromneft, the oil branch of Gazprom, and the fuel company Surgutneftegaz.

The South Tambeisky group of deposits, discovered in 1974, is located in the northwest of the Yamal Peninsula. As of early 2008, its gas reserves stood at 1.256 trillion cubic meters.

The Novoportovskoye oil and gas condensate deposit comprises about 265 billion cubic meters of natural gas, about 1.7 billion barrels of oil and about 13 million metric tons of gas condensate.

Source: Xinhua


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