Russia's Gazprom extends Kovykta licenses until mid-23rd century

MOSCOW. Jan 10 (Interfax) - PJSC Gazprom has extended the licenses for the Kovyktinskoye field until the end of the year 2242, the mid-23rd century, data in the Unified State Registry of Legal Entities (USRLE) indicate.

The Kovyktinskoye gas condensate field is the largest in Russia's east in terms of gas reserves. It is the basis for the formation of the Irkutsk gas production center and the resource base for the Power of Siberia gas pipeline to China, along with the Chayandinskoye field in Yakutia.

The field is located within the Kovyktinsky, Khandinsky and Chikansky license areas. The license for Kovyktinsky was previously valid until the end of 2037, Chikansky until February 2028, and Khandinsky until May 2034.

The field was discovered in 1987 in the Zhigalovsky and Kazachinsko-Lensky districts of the Irkutsk Region. The field is classified as unique in terms of the size of recoverable reserves at 1.8 trillion cubic meters of gas and 65.7 million tonnes of gas condensate.

The licenses have been extended for the period to develop the fields in line with the project documentation approved in the established manner, namely the process flow design to develop the field or the engineering design to develop the field.

The design solutions are based on geological information about the subsoil available to the subsoil user, and on the results of calculations for the engineering and economic indicators to develop the field. The report specifically accounts for the calculation for hydrocarbon reserves approved by the government expert review and monthly information on the operations of production and injection wells since the beginning of field development.

Gazprom's longest-term license is currently that of Gazprom Dobycha Orenburg LLC for the Orenburgsky-2 site until January 1, 2299. The validity period of Gazprom's license for the Chayandinskoye oil and gas condensate field in Yakutia has been extended until the end of 2204.