Lukoil suggests consortium to develop E. Siberian gas fields

MOSCOW. June 15 (Interfax) - Lukoil (RTS: LKOH) chief Vagit Alekperov is suggesting that a consortium led by Gazprom (RTS: GAZP) be formed to develop gas fields in East Siberia.

"A consortium needs to be set up so that Gazprom can be the operator of the project to develop fields in East Siberia and the Far East," Alekperov said at a meeting of the government's commission on fuel and energy.

Alekperov said this ought to kick-start the Eastern Gas Program.

It would also add an element of certainty to the situation with licenses, he said.

The consortium idea is not new. Gazprom, Rosneft (RTS: ROSN) and Surgutneftegas (RTS: SNGS) signed an agreement in December 2003 to form a consortium to operate in East Siberia and Yakutia. TNK(RTS: TNKO)-BP later expressed an interest in joining the consortium, suggesting that Gazprom form a joint venture to develop the Kovykta and Chayanda fields.

But Surgutneftegas later received the Talakan field in Yakutia and Rosneft bought a blocking stake from TNK-BP in the Verkhnechonskoye field in the Irkutsk region and several properties at auctions. Gazprom also holds licenses to oil and gas fields in East Siberia.

Most fields in East Siberia and the Far East are in danger of being classed as strategic and access for companies with foreign participation to these deposits could be restricted.

// June 15, 2007

Resource: InterFax