16 Nov 2009 12:24

Energy Ministry: not worthwhile auctioning major new fields right now

MOSCOW. Nov 16 (Interfax) - The Energy Ministry does not believe it is worthwhile to offer major new fields at auction right now.

"The level of production today, our oil companies and their investment programs, are telling us that the companies have quite enough reserves," Energy Minister Sergei Shmatko told journalists. "There is definitely no reason right now to say that new sections must be distributed in order to maintain production or investment money," he said.