Rosneft steals a march on Gazprom as rival on Russian shelf

8b53rosneft gazprom russian shelf Rosneft steals a march on Gazprom as rival on Russian shelf

Rosneft claimed it should be granted the rights over a number offields instead of Gazprom subsidiary, GazpromNeft, Russia’s dailyKommersant reports Tuesday. According to Rosneft GazpromNeft doesnot meet the criteria set by Russia’s Ministry of Natural Resourcesand Environment to work in the harsh conditions off the coast ofnorthern Russia. Rosneft also argues that GazpromNeft does not haveessential experience of producing oil from the coastal shelf.According to the law, only companies in which government hasmore than 50% of stake and have experience of working in the fieldfor more than five years, can be granted access to the Russianshelf. Gazprom and Rosneft are the only Russian companies that meetthe regulation and have monopoly rights to explore the shelf.Earlier Natural Resources Ministry proposed to allow smallerprivate companies to explore the shelf. However the big two managedto prevent the proposal going any further. In return Rosneftpromised to boost investment into geological exploration to speedthe process up.  Currently Rosneft holds rights to develop 43 coastal fields andhas placed bids for another eight in the Barents Sea and Kara Sea.Gazprom is bidding to be granted access to 20 areas.Russian natural reserves are expected to add 0.85-1.3 billiontonnes of oil and 3.4-13 trillion cubic meters of gas by 2030 as aresult of the shelf exploration.

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Rosneft steals a march on Gazprom as rival on Russian shelf


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