Putin urges against panic around Russia's claims on oil field
Source: Trend
Author: À.Mammadov
25.09.2006
(RIA Novosti) - President Vladimir Putin said Saturday that Russia's claims on the Kharyaga oil deposit in northern Russia should cause no panic, reports Trend.
"We have claims but there is nothing in them that should cause panic," he said.
Putin dismissed Friday talk that the license of France's Total oil company for developing the Kharyaga deposit had been revoked as an exaggeration.
In April, the Russian Natural Resources Ministry said Total failed to meet its targets under a production-sharing agreement on the development of the Kharyaga deposit in the north of European Russia.
"Rumors that the license was revoked are strongly exaggerated," Vladimir Putin said.
Total has been developing the Kharyaga deposit under a production-sharing agreement signed in 1995 that came into force on January 1, 1999.
The Russian ministry said in its statement on the company's performance, "Since the [production-sharing] agreement came into force, the investor has failed to fulfill its main aims of increasing production of crude and introducing new technologies and equipment to provide for effective oil and gas production."
Ministry experts warned that the situation could result in losses for Russia, as the country "will have to continue sending the entire deposit's output to the investor in compensation for his expenses."
Total owns a 50% stake in the project, alongside Norway's Hydro (40%) and Russia's Nenets Oil Company (10%).
http://www.trend.az/?mod=shownews&news=28256&lang=en
Russia turns up the heat on BP
ALEX NICHOLSON, Moscow September 26 2006
Russian prosecutors threatened yesterday to revoke the licence of BP's joint venture to develop a giant gas field in Russia's far east.
The move comes amid pressure on a number of foreign-controlled energy projects that observers say is an attempt to secure a bigger role for Russian companies.
The prosecutor general's office said in a statement that the head of RUSIA-Petroleum - a subsidiary of TNK-BP - had been warned that the company was violating the terms of its licence.
A request to revoke the licence would be sent to the Agency for Subsoil Use if the violation were not addressed, the statement said.
http://www.theherald.co.uk/business/70744.html
Total owns a 50% stake in the project, alongside Norway's Hydro (40%) and Russia's Nenets Oil Company (10%).
http://www.trend.az/?mod=shownews&news=28256&lang=en
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And with a piece of paper, and Putin's signature, Russia will suddenly own 90% and the others 5% each, take it or leave it.