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Erginskoe oilfield auction may be held in October — minister

August 01, 2016, 11:30 UTC+3 PORZHENSKY POGOST

Erginskoe oilfield is one of the largest explored greenfields in Russia

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PORZHENSKY POGOST, August 1. /TASS/. The auction for Erginskoe oilfield may provisionally take part in October 2016, Russian Minister of Natural Resources Sergei Donskoi told reporters on Monday.

"We will definitely not make it in time in summer. Fall is fairly normal. Late September - early October, October most probably," Donskoi said.

The auction has not yet been announced because of the need to make some clarifications with the government, the Minister said. The auction is likely to take place in 40 days after its announcement, he added.

No exclusive conditions will be introduced into terms of Erginskoe oilfield auction relatively to participation of foreign companies, Donskoi said.

"No amendments are planned in auction terms as regards participation of foreign companies. No "exclusivity" for foreign companies will be provided at Erginskoe [oilfield]," the Minister said.

Foreign companies may participate in field development through consortia with Russian companies, Donskoi said. "I think everything is clear in this regard. Consortia with our companies are possible within the framework of current laws," he added.

Terms of Erginskoe oilfield auction make participation of foreign investors possible with the participation interest below 50%.

Erginskoe oilfield is one of the largest explored greenfields in Russia. Its resources under C1+C2 category amount to 103 mln tonnes of oil.

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