18 Jun 2009 19:14

Gazprom, oil subsidiary agree on transfer of oil licenses

MOSCOW. June 18 (Interfax) - Gazprom and its oil producing subsidiary Gazprom Neft have agreed on plans for the transfer of small oil fields, Anatoly Cherner, Gazprom Neft's deputy general director for logistics, refining and sales, said during a conference call.

Cherner said the licenses would be transferred by the end of the year.

Gazprom Neft chief Alexander Dyukov said at the end of last year that the company would probably pay cash for the Gazprom oil fields. He said the Gazprom subsidiaries that currently hold the licenses would probably transfer the licenses to new entities, which Gazprom Neft would subsequently buy.

Dyukov said one of the fields, Novoportovskoye, might go into pilot production at the end of 2009.

It is anticipated that production at Gazprom's 11 oil fields will reach 20 million-22 million tonnes by 2020, and that C1 reserves will total 650 million tonnes.