26 May 2004 02:31
Rusia Petroleum to invest $64 mln in Kovykta in 2004
IRKUTSK. May 26 (Interfax) - OAO Rusia Petroleum, the subsoil operator at the Kovykta gas condensate field, plans to
invest $64 million in developing the field in 2004, company General Director Valery Pak said at a press conference in
Irkutsk on Wednesday.
Pak said that the main source of financing would be funds received from an additional share issue, in addition to
short-term credits.
The main Rusia Petroleum shareholders are TNK-BP, with about 63%
of shares, Interros (25.82%) and the Irkutsk regional property
Among the main work to be carried out, he noted the completion of geological surveys at the Khandin section of the
Kovykta field; trial launch of the field -involving the launch of the first condensate stabilization line for supplies
to adjacent regions; drilling the 67th well to determine the exact extraction ratio - in the future this well will
become one of the first production wells; agreeing an international feasibility study at government level and preparing
an intergovernmental agreement.
Confirmed C1+C2 reserves at the Kovykta field amount to 1.9
trillion cubic meters of gas. Capital investment in the regional
Pak said that Rusia Petroleum plans to invite a financial and legal consultant to prepare the intergovernmental
agreement. A tender for this consulting work will be held by the end of the year.
Rusia Petroleum shareholders plan to discuss the parameters of the additional share issue at their meeting on June 4.
The company plans to receive $44 million from this issue.
management committee (10.78%).
project to develop the field, according to preliminary estimates, will amount to $676 million in 2004-2034, including
$480.4 million from 2004 to 2006. [RU EUROPE ASIA EEU EMRG ENR ELG NGS CN KR] rd <>
[Interfax] |
RUSSIA IN FACTS
