Russia's last two big oil fields to be auctioned Dec. 2
Monday, September 20, 2010 at 11:20AM Five oil companies to bid for Arctic Trebs and Titov fields
By Jessica Bachman and Vladimir Soldatkin
MOSCOW (Reuters) - At least five oil companies are in the running to win development rights to Russia's giant Arctic Trebs and Titov oil deposits, the country's last big unalloted fields that will be sold at auction on Dec 2.
LUKOIL (LKOH.MM), Russia's No.2 oil producer; TNK-BP (TNBPI.RTS), half-controlled by BP (BP.L); Gazprom's (GAZP.MM) oil arm, Gazprom Neft (SIBN.MM); and mid-sized firm Bashneft (BANE.RTS) confirmed their participation in the auction with Reuters.
Surprisingly, Russia's largest crude producer, Rosneft (ROSN.MM), has not officially announced its desire to bid for the deposits, although it has been saying it wants to lay its hands on the fields for several years.
A company spokesman declined to say whether the firm is in the run for the prized assets.
Monday was the last day Rosnedra, the government agency responsible for subsoil licences, accepted applications for the December auction where the fields be sold as a single lot with a starting price tag of 18.171 billion roubles ($686 million).
Interfax newsagency reported that Russia's fourth-largest producer, Surgutneftegaz (SNGS.MM), will also bid.
Rosnedra said it would reveal the list of bidders at a later date.
The Trebs and Titov deposits, located in the Nenets region near the shore of the Arctic Ocean, are the largest unallotted hydrocarbon fields remaining in state reserves, holding an estimated 200 million tonnes of oil reserves.
The winner of the auction will have to abide by what analysts describe as stringent terms of ownership, including obligations to sell 15 percent of produced crude through oil exchanges and to push 42 percent through refineries. [ID:nLDE67A0SN]
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