Regulator recalls license from Lundin Petroleum subsidiary
MOSCOW. Sept 29 (Interfax) - Russia's subsurface management agency Rosnedra has decided to recall a license from CJSC Kalmistern, a subsidiary of Sweden's Lundin Petroleum, for the Kaspiiskoye field in Kalmykia, Rosnedra said in a statement.
Environmental watchdog Rosprirodnadzor recommended earlier that Rosnedra recall the license due to violations after it checked the authenticity of information disclosed by oil and gas companies with foreign involvement on the London Stock Exchange.
The license expired on September 10 and will be handed over to the Rosgeolfond. The previous owner must mothball all facilities at the field, re-cultivate the land and transfer geological information to the fund.
Lundin Petroleum owns a 50% stake in the Russian development projects at Sotchemyu-Talyu, North Irael (in Komi), Caspian (Kalmykia) and Ashirov (Orenburg region) and a 70% interest in the Lagansky exploration block in the Russian sector of the Caspian Sea.
Oil trader Gunvor earlier in September agreed to purchase a 30% stake in a project to develop the Lagansky block in the northern Caspian Sea for $30 million. Lundin recently agreed to buy the 30% stake from Mintley Kalmykia Ltd and compensate the company for its expenditures on the project.