Russia may auction offshore fields rejected by state firms

1/31/2013

Russia may auction offshore fields rejected by state firms

BY ANDREY OSTROUKH

MOSCOW -- Any offshore oil and gas fields that state-controlled Rosneft and Gazprom aren't interested in will be returned to Russia's state fund or put up for auction among Russian private companies, Deputy Prime Minister Arkady Dvorkovich said.

Lukoil Holdings, Russia's second-largest oil producer, has long lobbied for access to Russia's Arctic shelf, which contains potentially huge--but as yet largely untapped--oil and gas reserves. Currently only state-controlled companies are allowed to hold offshore licenses.

Rosneft and Gazprom are opposed to the government's proposal to allow non-state firms access to the shelf.

Dow Jones Newswires

 

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