Obscure Company Discovers Massive Russian Gas Field

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MOSCOW Jan 31, 2007 (Dow Jones Newswires)

An enormous new gas field has been discovered in the Siberian region of Irkutsk by a small, little-known Russian energy company called OOO Petromir, Russian newspaper Vedomosti reports Wednesday citing the state subsoil agency Rosnedra.

The field, known as Angaro-Lenskoye, holds some 1.22 trillion cubic meters of gas according to Russian C2 reserve classifications, and 61.79 million tons of gas condensate according to C2 classifications.

The size of the field puts it in the range of the nearby Kovykta gas field, which is controlled by TNK-BP Holdings (TNBP.RS). According to Vedomosti, Kovykta holds C1 reserves, which are less speculative than C2 reserves, of 1.4 trillion cubic meters.

TNK-BP is half-owned by BP PLC (BP) and half-owned by a consortium of Russian investors.

Copyright (c) 2007 Dow Jones & Company, Inc.

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