South Korea to join development of Siberian Kovyktinskoye gas condensate field

Oct 08, 1999 02:00 AM

South Korea will join the development of the Kovyktinskoye gas condensate field in the Eastern Siberian Irkutsk Region. An agreement will be signed with that country on carrying out feasibility studies of developing the field, Russian Deputy Fuel and Energy Minister Yelena Telegina said.
South Korea is prepared to purchase over 10 bn cm of gas from the field annually, she said. Gazprom may join the export project after 2005, or 2010, Telegina said. Russia-Petroleum, which holds a licence for the development of the field and the Chinese National Petroleum Corporation on 25th February 1999 signed a general agreement on carrying out a feasibility study of the project.
The potential stores of the field are estimated at 1,500 bn - 2,000 bn cm of gas, 870 bn cm of gas and 60 mm tonnes of gas condensate having been confirmed.
The cost of developing the field and building a pipeline to China is estimated at $ 10 bn - $ 12 bn.

Source: BBC via Iinoil
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