Tuesday June 19, 2007

BP to lose $18 billion field amid Russian crackdown

peakoil.com -> bloomberg.com :

BP's Russian venture will probably lose its license to a Siberian field with enough natural gas to supply Asia for five years as President Vladimir Putin extends state control over foreign energy projects. The Russian government has used tax, license and ecological audits to restore state dominance over the oil industry, the world's biggest this year. BP depends on Russia for a quarter of its production and 18% of its proven oil and gas reserves, while projects such as Kovykta promise future growth.

The Russian government now controls more than a third of Russia's oil production through Gazprom and OAO Rosneft. Rosneft has become the country's largest crude supplier this year, acquiring OAO Yukos Oil Co.'s oil assets as the government dismantles what was once Russia's largest crude exporter.

See also :

1. BP loses appeal against Russian oil field seizure
2. Russia - the rising energy superpower (Shell, Sakhalin 2)
3. Russia tightens grip on energy
4. More oil & gas nationalization (Chad, Venezuela, Dubai, Russia, Indonesia)

(2007-06-19 12:10:55 SGT) [Energy] Permalink

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