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Main page > Comments > Fuel & Energy > Trebs and Titov fields set for sale
Trebs and Titov fields set for sale
The energy ministry the other day defined the price oil firms would be offered to pay for the Trebs and Titov fields, the largest deposits on the list of undistributed licenses. The figure suggested by the ministry is rather big. According to Interfax, it is about 60bn rubles. This will be the first sale of a strategic deposit after amendments to the law on subsoil were introduced in 2008.
The reasons for a somewhat overstated price offered to potential bidders are related to the tendency of dividing what is left of the Soviet heritage by Russian oil companies and the lack of full-scale investments in the fuel and energy sector (first of all in production projects and technological upgrade). As a result, now they have to struggle for the already discovered but not yet distributed assets that are becoming scanty. Moreover, the variant of suspending the deposits until better times is not topical anyway. The logic of competition for impoverished resources make major elite groups elbow more actively their way to obtaining the remaining assets, including readiness to bear additional financial expenses.
Main bidders for the deposits will be Rosneft, Zarubezhneft, LUKOIL and Gazprom Neft (the two latter firms may ally). Natural resources minister Yury Trutnev has been recently quoted as saying that the tender will be held by the end of 2010, before a possible arrival of non-residents following the expected liberalization of access of foreigners to Russia's strategic assets.
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