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TNK-BP, Gazprom plan to close Kovykta gas deal no later than 1Q08

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TNK-BP plans to close a deal with Russian energy giant Gazprom on a large gas condensate field in East Siberia no later than in the first quarter of 2008, a co-owner of the Russian-British joint oil venture said on Wednesday.
(Corrects the timeframe in headline to no later than 1Q)

MOSCOW, December 12 (RIA Novosti) - TNK-BP plans to close a deal with Russian energy giant Gazprom on a large gas condensate field in East Siberia no later than in the first quarter of 2008, a co-owner of the Russian-British joint oil venture said on Wednesday.

Viktor Vekselberg said the deadline for closing the Kovykta deal, which was earlier set for December 1, had been postponed for technical reasons unrelated to TNK-BP shares.

State-controlled Gazprom signed a deal with the oil company to buy a 63% controlling stake in East Siberia's largest deposit in late June as part of a strategic investment plan. Earlier this month, the company said it had extended the timeframe for finalizing the deal, citing "a high volume of work evaluating the assets and organizing the transactions."

The deposit's reserves are estimated at 2 trillion cubic meters of natural gas, 2.3 billion cubic meters of helium and 115 million metric tons of gas condensate. As well as TNK-BP, the operator of the project, Rusia Petroleum, is owned by Interros financial holding (25.8%) and the local administration (11.2%).

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