Oil-rich Siberian field on auction

Nov 04, 2004 01:00 AM

The deadline for submitting applications to participate in an auction for the Lodochnoye field (Siberia, Russia) has been put back. The deadline was prolonged as the conditions of the auction were published a little later than required by law.
The auction is to take place on December 10.

Nobody has yet officially submitted an application; however, the state-run oil company Rosneft has already announced plans to participate.
Foreign and local companies may also take part in the auction.

The bidding fee is 700,000 roubles, and the license fee 60,100 roubles. The starting price will be 500 mm roubles, and the bidding increment 10 % of the starting price.
The auction winner will receive a 25-year license to prospect, explore and extract hydrocarbons and 5 years for exploration.

Source: Neftegaz
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