MOSCOW, August 31 (RIA Novosti) - No decision has yet been reached on the license held by Russian-British oil major TNK-BP to develop the Kovyktinsky natural gas field, Russia's natural resources minister said Wednesday.
Yury Trutnev said that on the one hand, "recalling the license of such a large company would be a blow to Russia's investment image, whereas on the other, the oil field is not being developed even in the part where TNK is able to do so."
In the 12 years since the license was granted to develop the Kovyktinsky oil field, no work has been done, Trutnev said.
Trutnev said that a decision might not be reached for several months, as it was important to reach the "correct" one.
The Kovyktinsky natural gas field is the largest in Eastern Siberia and in the Far East. Developing the field and building a gas pipeline from it is a strategic issue for Russia. The license to develop the field, which has gas reserves estimated at 1.9 trillion cubic meters, is held by the Russian company RUSIA Petroleum. Its stakeholders are TNK-BP (with 62.4%), the Interros holding (25.82%), and the Irkutsk regional administration (11.24%).
