Kovykta field
Encyclopedia
The Kovykta gas condensate field is one of the largest undeveloped natural gas field
s in Eastern Siberia, Russia
. The field is located in the northern part of the Irkutsk Oblast
, in the Zhigalovo and Kazachinsko-Lensk districts.
agreed to sell its stake for US$ 700 million to US$ 900 million to Gazprom
with option to buy back a 25% plus one share stake in the project. However, this deal never materialized. In June 2010, Rusia Petroleum, the developer of Kovykta field filed for bankruptcy. TNK-BP also tried to sell the field to state-owned Rosneftegaz, but failed. On 1 March 2011, Gazprom bought the Rusia Petroleum's assets, including rights for the Kovykta field, $711 million.
and more than 83 million tons of gas condensate
. The period of active gas production in the Kovykta field is expected to be 30 years, and the period of field development about 50 years.
and Korea
. According to these agreements signed by Rusia Petroleum with China National Petroleum Corporation
and Kogas on 2 November 2000, the annual export of gas to China and Korea will be 20 billion cubic meters (bcm) and 10 bcm, respectively. The Kovykta field will contribute also to the gasification of Irkutsk Oblast, implemented by the OAO East Siberia Gas Company, a joint venture of Gazprom (originally TNK-BP) and the Irkutsk Oblast Administration.
Natural gas field
Oil and natural gas are produced by the same geological process according fossil fuel suggestion: anaerobic decay of organic matter deep under the Earth's surface. As a consequence, oil and natural gas are often found together...
s in Eastern Siberia, Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
. The field is located in the northern part of the Irkutsk Oblast
Irkutsk Oblast
Irkutsk Oblast is a federal subject of Russia , located in southeastern Siberia in the basins of Angara River, Lena, and Nizhnyaya Tunguska Rivers. The administrative center is the city of Irkutsk. Population: -History:...
, in the Zhigalovo and Kazachinsko-Lensk districts.
History
The field was discovered in 1987. In June 2007, TNK-BPTNK-BP
TNK-BP is a major vertically integrated Russian oil company. It is Russia's third largest oil producer and among the ten largest private oil companies in the world. TNK-BP is Russia's third largest oil company in terms of reserves and crude oil production...
agreed to sell its stake for US$ 700 million to US$ 900 million to Gazprom
Gazprom
Open Joint Stock Company Gazprom is the largest extractor of natural gas in the world and the largest Russian company. Its headquarters are in Cheryomushki District, South-Western Administrative Okrug, Moscow...
with option to buy back a 25% plus one share stake in the project. However, this deal never materialized. In June 2010, Rusia Petroleum, the developer of Kovykta field filed for bankruptcy. TNK-BP also tried to sell the field to state-owned Rosneftegaz, but failed. On 1 March 2011, Gazprom bought the Rusia Petroleum's assets, including rights for the Kovykta field, $711 million.
Reserves
The reserves of Kovykta amount to 2 trillion cubic meters of natural gasNatural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
and more than 83 million tons of gas condensate
Natural gas condensate
Natural-gas condensate is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields....
. The period of active gas production in the Kovykta field is expected to be 30 years, and the period of field development about 50 years.
Developer
The field was developed by Rusia Petroleum, 62.9% of which is owned by TNK-BP. 24.99% is owned by the power generating company OGK-3.Significance
The Kovykta field is considered to supply natural gas to ChinaChina
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and Korea
Korea
Korea ) is an East Asian geographic region that is currently divided into two separate sovereign states — North Korea and South Korea. Located on the Korean Peninsula, Korea is bordered by the People's Republic of China to the northwest, Russia to the northeast, and is separated from Japan to the...
. According to these agreements signed by Rusia Petroleum with China National Petroleum Corporation
China National Petroleum Corporation
China National Petroleum Corporation is a state-owned fuel-producing corporation and the largest integrated oil and gas company in the People's Republic of China...
and Kogas on 2 November 2000, the annual export of gas to China and Korea will be 20 billion cubic meters (bcm) and 10 bcm, respectively. The Kovykta field will contribute also to the gasification of Irkutsk Oblast, implemented by the OAO East Siberia Gas Company, a joint venture of Gazprom (originally TNK-BP) and the Irkutsk Oblast Administration.