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TNK-BP To Face Governmental Measures

TNK-BP may face repressive measures for failing to keep up with the schedule

Russian-British oil venture TNK-BP may face repressive measures for failing to keep up with the schedule for Kovykta development, the huge natural gas deposit, Yuri Trutnev, Russia?s Natural Resources Minister said on Thursday.

He said that the government ?cannot wait forever, while the company reaches an agreement with Gazprom?. However, he added that at the same time he understood TNK-BP?s problem ? they have no necessary infrastructure to develop Kovykta.

TNK-BP and its subsidiary Russia Petroleum, which holds a license for Kovykta, were accused of failing to start any development on site back in September 2004.