Russia’s mineral resources agency cancels auction for Erginskoye oilfield

April 6, 2017 TASS
oil field
The Erginskoye field in the Khanty-Mansi Autonomous Area is one of the most promising. Source: Reuters

Russia’s Federal Agency for Mineral Resources (Rosnedra) has cancelled the decree on holding an auction for Erginskoye oilfield in the in the Khanty-Mansi Autonomous District, according to the documents released on the official website providing information about auctions.

The cancellation decree also contains a request to prepare a draft decree of the Russian government on a new auction and submit it for approval.

Russia’s Natural Resources Ministry will hold an auction for the Erginskoye oil field in mid-2017. Head of Rosnedra Evgeny Kiselev told TASS earlier that the initial payment had been increased by 1.7 billion rubles to slightly more than 7 billion rubles ($123 million). Russia’s oil majors Rosneft, Gazprom Neft and Lukoil have taken interest in the auction.

The Erginskoye field in the Khanty-Mansi Autonomous Area is one of the most promising. The oil reserves of C1 + C2 category amount to 103 million tons. The area which will be auctioned is 762.8 square kilometers.

Read more: Are Russia’s oil wells truly in danger of drying up?

+
Like us on Facebook