Russian agency cancels two hydrocarbon auctions in Sakhalin due to lack of bids
MOSCOW. April 29 (Interfax) - The Russian Federal Subsurface Resources Agency (Rosnedra) has declared the auctions for the Abanovsky and Nekrasovsky sections in the Sakhalin region invalid due to a lack of bids, according to the agency's materials.
Rosnedra signed the orders on April 2, the day that the auctions were to take place.
The Abanovsky section's D1 reserves are estimated at 1.8 million tonnes of oil and 900 million cubic meters of gas. The starting payment for the section was 2.8 million rubles.
The Nekrasovsky section has 221,000 tonnes of B oil reserves and resources, 217,000 tonnes of C1 resources and 210,000 tonnes of D1 resources. Its B+C1 gas reserves and resources are estimated at 598 million cu m, and D1 reserves - 430 million cu m. The starting payment for this section was 70 million rubles.