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Gazprom, BP and TNK-BP Alliance Potential

Stanislav Tsygankov, head of Gazprom foreign projects department reported earlier that Gazprom Neft believes that the creation of an alliance with British oil company BP and its Russian joint venture TNK-BP is feasible

this information was announced by the Russian news agency Prime-Tass. Citing Tsygankov further the announcement said:
"We positively assess the situation and the very possibility of creating this alliance."

In response to a question on the progress of the Kovykta deal, Tsygankov said the completion of the talks was hampered as the parties have yet to agree on the final details.

In June 2007, Gazprom signed a preliminary accord to buy the Kovykta gas field, which belongs to TNK-BP, and set up a joint venture with BP. The deals haven't been finalized and assets for the venture haven't been chosen.

The Kovykta gas field, located in the Irkutsk region, is one of the world's largest gas fields, with proven gas reserves of about 2 trillion cubic meters.

Author: Ksenia Kochneva