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Ministry to hold repeat probe into Kovykta gas field violations

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MOSCOW, May 22 (RIA Novosti) - The Russian natural resources minister said Tuesday his ministry would hold a repeat check into the Kovykta gas field in Eastern Siberia after Rusia Petroleum, a subsidiary of TNK-BP [RTS: TNBP], failed to remedy license violations.

"We have not changed our plans and everything will be done as required," Yury Trutnev said.

Russia's Federal Agency for Subsoil Use (Rosnedra) said in early February that Rusia Petroleum could be stripped of its license for underproduction at the Kovykta field, which holds proven reserves of 2 trillion cubic meters of natural gas, and set a deadline of May 23 for the company to rectify the situation.

However, Rusia Petroleum challenged the regulator's decision at the arbitration tribunal in Irkutsk in Eastern Siberia, which ruled to suspend the regulator's measures against the project operator pending a court hearing scheduled for May 23.

Trutnev earlier said the process of license revocation would continue, and that a different agency would hold a repeat check of the Kovykta deposit.

If the court passes no ruling, the license may not be revoked under Russian law, due to provisional measures imposed by the arbitration tribunal.

Rusia Petroleum is owned by Russian-British joint venture TNK-BP (64.4%); the holding company for nickel giant Norilsk Nickel, Interros (25.82%); and the Irkutsk regional administration (11.24%)

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