Kovykta field

The Kovykta gas condensate field is one of the largest undeveloped natural gas fields in Eastern Siberia, Russia. The field is located in the northern part of the Irkutsk Oblast, in the Zhigalovo and Kazachinsko-Lensk districts.

Kovykta field
Location of Kovykta field
CountryRussia
RegionEastern Siberia
LocationZhigalovo and Kazachinsko-Lensk districts, Irkutsk Oblast
Offshore/onshoreonshore
Coordinates55°23′4″N 106°7′21″E
trubagaz.ru
OwnerGazprom
Field history
Discovery1987
Production
Estimated gas in place2,000×10^9 m3 (71×10^12 cu ft)

History

The field was discovered in 1987. In June 2007, TNK-BP agreed to sell its stake for US$ 700 million to US$ 900 million to Gazprom with option to buy back a 25% plus one share stake in the project.[1][2] However, this deal never materialized. In June 2010, Rusia Petroleum, the developer of Kovykta field filed for bankruptcy.[3][4] TNK-BP also tried to sell the field to state-owned Rosneftegaz, but failed.[5] On 1 March 2011, Gazprom bought Rusia Petroleum's assets, including rights for the Kovykta field, for $711 million.[6]

Reserves

The reserves of Kovykta amount to 2 trillion cubic meters of natural gas and more than 83 million tons of gas condensate. The period of active gas production in the Kovykta field is expected to be 30 years, and the period of field development about 50 years.[7]

Developer

The field was developed by Rusia Petroleum, 62.9% of which is owned by TNK-BP.[3] 24.99% is owned by the power generating company OGK-3.[5][8]

Significance

The Kovykta field is considered to supply natural gas to China and Korea. According to these agreements signed by Rusia Petroleum with China National Petroleum Corporation and Kogas on 2 November 2000, the annual export of gas to China and Korea will be 20 billion cubic meters (bcm) and 10 bcm, respectively.[7] The Kovykta field will contribute also to the gasification of Irkutsk Oblast, implemented by the OAO East Siberia Gas Company, a joint venture of Gazprom (originally TNK-BP) and the Irkutsk Oblast Administration.

See also

References
  1. Kramer, Andrew E. (2007-06-23). "Moscow Presses BP to Sell a Big Gas Field to Gazprom". The New York Times. The New York Times Company. Retrieved 2007-06-29.
  2. "Gazprom, BP and TNK-BP enter into agreement on major terms of cooperation" (Press release). Gazprom. 2007-06-22. Archived from the original on 2010-12-16. Retrieved 2007-06-29.
  3. Bland, Will (2010-06-03). "TNK-BP: Kovykta Field Operator Files For Bankruptcy". Dow Jones Newswires. Archived from the original on 2010-06-05. Retrieved 2010-06-14.
  4. Gronholt-Pedersen, Jacob (2010-06-07). "Gazprom: Doesn't Need Gas From TNK-BP's Kovykta Field". Rigzone. Dow Jones Newswires. Retrieved 2010-06-14.
  5. "OGK-3 did not challenge the court decision on bankruptcy Rusia Petroleum". Rusmergers.com. 2010-06-19. Archived from the original on 2011-07-15. Retrieved 2011-01-01.
  6. "Gazprom buys Kovykta operator's assets for 22.6 bln rbls". RIA Novosti. 2011-03-01. Retrieved 2011-03-02.
  7. "Kovykta Project". TNK-BP. Archived from the original on 2007-06-27. Retrieved 2007-06-29.
  8. "OGK-3 filed an appeal in the bankruptcy Rusia Petroleum". Rusmergers.com. 2010-07-29. Retrieved 2011-01-01.
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