Rosnedra gets green light to tender Chayvo Sea field
MOSCOW. May 24 (Interfax) - The Russian government has cleared Rosnedra to tender rights to the northern end of the Chayvo field in the Sea of Okhotsk in 2011, according to a May 17 resolution signed by Prime Minister Vladimir Putin.
The oil resource in the 172.5-square kilometer section totals 10.238 million tonnes of C1 reserves and 6.324 million tonnes of C2. The gas resource is 2.5 billion cubic meters and 7.423 bcm respectively and gas condensate - 0.141 million tonnes and 0.353 million tonnes. The D1 resource amounts to 8 million tonnes of oil and 7 bcm of gas.
Since the field is located in Russian territorial waters, the restrictions on development of continental shelf resources do not apply. However, it is classified as a strategic deposit. That is, only companies that have at least 50% Russian participation - not necessarily state participation - are eligible to bid.
The project does face additional restrictions to protect the grey whale population in those waters. "Operations may only be conducted in the area when endangered grey whale populations, as registered in Russia's Red Book and the international Red Book, are absent," the tender documentation says.
The license holder must also take other measures to reduce the project's environmental impact.