6 Oct 2009 14:48

Auction for Yakutia oil license to be called off

YAKUTSK. Oct 6 (Interfax) - A November 3 auction for the rights to the Eastern block of the Srednebotuobinskoye oil and gas condensate field in Yakutia will be called off because only one firm has applied to bid.

Gennady Naumov, head of the local branch of the Russian Federal Subsurface Resources Agency (Rosnedra), told Interfax that OJSC Taas Yuriyakh was the only company to apply by last week's deadline. The same company was the sole candidate for the license the last time it was going to be offered, on August 5.

The Eastern block contains 12.26 million tonnes of C1 oil and 16.1 million tonnes of C2 oil; 2.23 billion cubic meters of c1 gas and 1.79 bcm of C2 gas; and 0.046 million tonnes of C1 condensate and 0.036 million tonnes of C2 condensate. It is 385.5 square kilometers in area.

Yakut Energy Limited (Cyprus)) owns 99.8% of OJSC Taas-Yuriyakh.