GAS

BHP joins queue for Russian field

The Russian business daily newspaper 'Vedomosti' has reported that international oil majors are q...

Vedomosti quoted sources as saying ExxonMobil, ChevronTexaco, ConocoPhillips, Royal Dutch/Shell and French Total were all looking to buy a 25% stake in the Kovykta field.

A second tier of potential bidders also includes Apach Corp, BHP Billiton, embattled Russian oil giant YUKOS, India's ONGC and Malaysian Petronas.

The BP-led Russia-Petroleum firm, which controls Kovykta, signed a preliminary deal on Friday with China's CNPC and South Korean Kogas to supply Siberian gas from 2008.

Interest in the field has been spurred by the Russian industrial group Interros, which has announced plans to sell its 25% stake before 2004. Currently BP through its new Russian venture TNK-BP controls 63% of the project with local authorities holding 12%.

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