27 Dec 2010 15:28

Trans Nafta surrenders license to Volgograd-region deposit

MOSCOW. Dec 27 (Interfax) - Russia's Subsurface Resources Agency (Rosnedra) has invalidated LLC Gazneftedobycha's license to prospect the Erulanskoye section in Volgograd region ahead of term, Rosnedra materials say.

The license was terminated as of November 30, as Gazneftedobycha (a subsidiary of CJSC Trans Nafta) declined to exercise the rights it conferred.

Trans Nafta was set up in 1997 by the former head of Soyuzgasifikatsiya and Zarubezhgas Valery Kondrachuk and members of his family. In the first five years of its operations, Trans Nafta was OJSC Gazprom's operator for exporting oil and stable gas condensate. In 2001, the company began acquiring licenses to oil and gas deposits, later focusing on gas resources. Currently, Trans Nafta holds five licenses to extract and two to prospect in the Volgograd region.

Trans Nafta is also a gas trader, selling the product of independent producers on the domestic market.