The Gazprom Board of Directors has examined this issue today, deciding to take part in the auction, Mr. Bogdanchikov informed his audience.
In his words, the purchase of this asset, which produces nearly 50 million tons of oil per year, would enable Gazprom to boost oil output to 88-90 million tons next year; moreover, the company would be producing some 120-125 million tons a year by 2010.
Such oil-output volumes would place Gazprom among the world's three main oil producers, Mr. Bogdanchikov added.
The company will bid in license-sale auctions for the sake of expanding sectoral output, Mr. Bogdanchikov went on to say. However, license purchases amount to long-term investment, he stressed.
We are studying the possibility of purchasing licenses throughout the entire 2005-2006 period; oil production would only commence over the 2012-2014 period, even if this happens. This is what one may call a long-term effect, Mr. Bogdanchikov noted.
In his opinion, Gazprom must comprise two segments, namely gas production and oil-producing facilities. British Petroleum, Exxon Mobil and Shell perceive oil and gas as equally important; consequently, Gazprom's oil component must tally with its gas component, Mr. Bogdanchikov said.
Gazprom shares soared in the wake of reports concerning the company's decision to bid at the forthcoming Yuganskneftegaz auction.
New evidence of Gazprom's possible decision to bid has already increased the value of corporate shares at the beginning of the November 30 trading session, Yury Rosikov, an analyst with the Eurofinance investment company, said.
Gazprom's decision to bid is a positive signal for corporate shares, Rosikov added. We have already plunged a great deal (because of the Yukos case);and we are unlikely to do this once again, Mr. Rosikov stressed. According to the expert, Yukos continues to negatively affect specific market trends; the company's prospects are bleak, indeed; consequently, its shares are mostly being traded in the course of speculative operations.
