More Arctic fields for Gazprom and Rosneft

Mar 25, 2010 01:00 AM

The two state-controlled companies Gazprom and Rosneft expect federal authorities to give them another 14 licenses to offshore hydrocarbon fields, the Russian Ministry of Natural Resources confirms.
Deputy Minister of Natural Resources Sergey Donskoy said that Gazprom now is applying for 7-8 new field licenses, while Rosneft applies for 5-6 licenses.

The applications are now handled by the Agency of Mineral Resources (Rosnedra) and there is "very small chances" that the companies will not get their applications approved.
According to current Russian legislation, only state companies with offshore experiences are entitled to own offshore field. That paves the way for Rosneft's and Gazprom's exclusive right to develop the country's shelf.

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