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Regulator to continue Kovykta field check despite court ruling

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MOSCOW, May 15 (RIA Novosti) - Checks into the Kovykta gas field in East Siberia operated by Rusia Petroleum, a subsidiary of TNK-BP [RTS: TNBP], will continue despite a court ruling suspending a license decision by Russia's watchdog, the natural resources minister said Tuesday.

Russia's Federal Agency for Subsoil Use (Rosnedra) said in early February that Rusia Petroleum could be stripped of its license for underproduction at the Kovykta field, which holds proven reserves of 2 trillion cubic meters of natural gas, and set a deadline of May 23 for the company to rectify the situation.

However, Rusia Petroleum challenged the regulator's decision at the arbitration tribunal in Irkutsk, which ruled to suspend the regulator's measures against the project operator pending a court hearing scheduled for May 23.

Natural Resources Minister Yuri Trutnev said the process of the license revocation would continue, and that a different agency would hold a repeat check of the Kovykta deposit.

If the court passes no ruling, the license may not be revoked under Russian law, due to provisional measures imposed by the arbitration tribunal.

Rusia Petroleum is owned by Russian-British joint venture TNK-BP (64.4%); the holding company for nickel giant Norilsk Nickel, Interros (25.82%); and the Irkutsk regional administration (11.24%).

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