Far East | Materials, extraction

Surgutneftegaz eyes auction decision on East Talakan

5 Mar '09
It is in the auction panels power to decide in May if Surgutneftegaz will be licensed to develop Yakutias East Talakan oil field, RIA Novosti reported today, citing a source in the federal Directorate for Use of Natural Resources.

Surgutneftegaz was the only bidder at a recent East Talakan auction, and according to law, auction results must be declared null and void, the source said.

However, the auction panel is entitled to grant the only bidder the right to develop a field if its project specifications have been considered expedient and compliant with auction terms, the source added.

The decision on Surgutneftegaz will be made on May 14, he said.

The 503.6 sq.-km Talakan oil field is a base for filling the VSTO oil pipeline between East Siberia and the Pacific.
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