The gas field deal was initially estimated at $700-900 million.
Under last year's agreement, Gazprom is to buy a 62.8% stake in RUSIA Petroleum, the Kovykta operator. 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.
According to Kommersant, no significant discounts in international merger and acquisition deals have been seen in the fuel and energy sector so far, but experts expect the price of the Kovykta project to decline 50% amid the ongoing global financial crisis.
The news that the price of the deal with TNK-BP to purchase the Kovykta gas field could change was announced by the deputy chairman of the Gazprom management committee, Alexander Medvedev, Kommersant reported.
"We are holding discussions with TNK-BP on a regular basis, but it is evident that the new market situation has forced us to reappraise the deal," Medvedev said.
Gazprom declined to specify how much the price of the Kovykta deal could be lowered by while TNK-BP made no comment, Kommersant said.
