Gazprom Outbids Rosneft, Lukoil for Licences to Two Arctic Fields

Reuters

MOSCOW, June 15 (Reuters) - Russia's Gazprom has won licences for rights to develop two large oil and gas fields in the Arctic, beating rivals Rosneft and Lukoil, an official at oilfield licences regulator Rosnedra told Reuters on Wednesday.

Analysts have said that Gazprom needs to increase its resource base in the face of rivalry from other, smaller, gas producers in the domestic market.

Gazprom paid 23.338 billion roubles ($354.6 million) at an auction for rights to develop the Layavozhskoye and Vaneyvisskoye oil and gas fields in the Nenets Autonomous Region, the official said. The starting price was set at 8 billion roubles.

According to Natural Resources Ministry data, the Layavozhskoye field contains 9.8 million tonnes of oil and 140.1 billion cubic metres (bcm) of natural gas reserves. Reserves at Vaneyvisskoye are estimated at 6.5 million tonnes of oil and 85.2 bcm of natural gas.

($1 = 65.8243 roubles)

(Reporting by Vladimir Soldatkin; editing by Jason Neely)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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