Magma Under Fire, Russia May Rescind Oil And Gas Licenses

A Russian News agency reported April 16 that the Russian Federal Mineral Resources Agency may cancel OAO Ritek and Magma's oil and gas licenses to operate in the Khanty-Mansi Autonomous District.

Magma, a Sibir Energy unit, is accused by the Russian agency of violating industry regulations on "oil output and drilling," according to Dow Jones. The agency gave Magma 12 months to reverse the alleged transgressions.

Ritek, a subsidiary of OAO Lukoil, also violated drilling regulations. Ritek has only six months to comply with the agency's demands.

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