Kovykta field

Last updated
Kovykta field
Russia rel location map.png
Red pog.svg
Location of Kovykta field
Country Russia
Region Eastern Siberia
LocationZhigalovo and Kazachinsko-Lensk districts, Irkutsk Oblast
Offshore/onshoreonshore
Coordinates 55°23′4″N106°7′21″E / 55.38444°N 106.12250°E / 55.38444; 106.12250
trubagaz.ru
Owner Gazprom
Field history
Discovery1987
Production
Estimated gas in place2,000×10^9 m3 (71×10^12 cu ft)

The Kovykta gas condensate field is one of the largest undeveloped natural gas fields in Eastern Siberia, Russia. The field is located in the northern part of the Irkutsk Oblast, in the Zhigalovo and Kazachinsko-Lensk districts.

Contents

History

The field was discovered in 1987. In June 2007, TNK-BP agreed to sell its stake for US$ 700 million to US$ 900 million to Gazprom with option to buy back a 25% plus one share stake in the project. [1] [2] However, this deal never materialized. In June 2010, Rusia Petroleum, the developer of Kovykta field filed for bankruptcy. [3] [4] TNK-BP also tried to sell the field to state-owned Rosneftegaz, but failed. [5] On 1 March 2011, Gazprom bought Rusia Petroleum's assets, including rights for the Kovykta field, for $711 million.[ citation needed ]

Reserves

The reserves of Kovykta amount to 2 trillion cubic meters of natural gas and more than 83 million tons of gas condensate. The period of active gas production in the Kovykta field is expected to be 30 years, and the period of field development about 50 years. [6]

Developer

The field was developed by Rusia Petroleum, 62.9% of which is owned by TNK-BP. [3] 24.99% is owned by the power generating company OGK-3. [5] [7]

Significance

The Kovykta field is considered to supply natural gas to China and Korea. According to these agreements signed by Rusia Petroleum with China National Petroleum Corporation and Kogas on 2 November 2000, the annual export of gas to China and Korea will be 20 billion cubic meters (bcm) and 10 bcm, respectively. [6] The Kovykta field will contribute also to the gasification of Irkutsk Oblast, implemented by the OAO East Siberia Gas Company, a joint venture of Gazprom (originally TNK-BP) and the Irkutsk Oblast Administration.

See also

Related Research Articles

<span class="mw-page-title-main">Gazprom</span> Russian oil and gas company

PJSC Gazprom is a Russian majority state-owned multinational energy corporation headquartered in the Lakhta Center in Saint Petersburg. As of 2019, with sales over $120 billion, it was, until 2023, ranked as the largest publicly listed natural gas company in the world and the largest company in Russia by revenue. In the 2020 Forbes Global 2000, Gazprom was ranked as the 32nd largest public company in the world. The Gazprom name is a contraction of the Russian words gazovaya promyshlennost. In January 2022, Gazprom displaced Sberbank from the first place in the list of the largest companies in Russia by market capitalization. In 2022, the company's revenue amounted to 8 trillion rubles. In 2023, the company is delisted from international markets, and continues substantial constriction in its operational results.

The Shtokman field, one of the world's largest natural gas fields, lies in the northwestern part of the South Barents Basin in the Russian sector of the Barents Sea, 600 kilometres (370 mi) north of Kola Peninsula. Its reserves are estimated at 3.8 trillion cubic metres of natural gas and more than 37 million tons of gas condensate.

The Urengoy gas field in the northern West Siberia Basin is the world's second largest natural gas field after South Pars / North Dome Gas-Condensate field. It lies in the Yamalo-Nenets Autonomous Okrug, Tyumen Oblast, Russia, just south of the Arctic circle. It is named after the settlement of Urengoy. The gas field is operated by Gazprom Dobycha Urengoy and serviced by the town of Novy Urengoy, founded in 1973.

<span class="mw-page-title-main">Rosneft</span> Russian energy company headquartered in Moscow

PJSC Rosneft Oil Company is a Russian integrated energy company headquartered in Moscow. Rosneft specializes in the exploration, extraction, production, refining, transport, and sale of petroleum, natural gas, and petroleum products. The company is controlled by the Russian government through the Rosneftegaz holding company. Its name is a portmanteau of the Russian words Rossiyskaya neft.

ARETI International Group of Companies is a private energy company headquartered in Geneva, Switzerland. ARETI was created by Igor Makarov in 2015 following his sale of Itera International Group of Companies, which was started in 1992 and sold off in 2013. The ARETI group company consists of holding companies registered in Cyprus, Virgin Islands, and the Netherlands and has subsidiaries involved in the energy industry, civil and industrial engineering, and finance. The company operates primarily in Switzerland and the Commonwealth of Independent States (CIS) countries. In 2013, its main subsidiary, Itera Oil & Gas Company, was acquired by Rosneft prior to any sanctions placed on Rosneft.

TNK-BP was a major vertically integrated Russian oil company headquartered in Moscow. It was Russia's third-largest oil producer and among the ten largest private oil companies in the world. In 2013 it was acquired by Russian oil company Rosneft.

<span class="mw-page-title-main">Shah Deniz gas field</span> Azerbaijani natural gas field

Shah Deniz gas field is the largest natural gas field in Azerbaijan. It is situated in the South Caspian Sea, off the coast of Azerbaijan, approximately 70 kilometres (43 mi) southeast of Baku, at a depth of 600 metres (2,000 ft). The field covers approximately 860 square kilometres (330 sq mi). Stretching out over 140 square kilometres, the reservoir is similar in size and shape to Manhattan Island.

<span class="mw-page-title-main">Novatek</span> Russian natural gas producer

Novatek is Russia's second-largest natural gas producer, and the seventh-largest publicly traded company globally by natural gas production volume. The company was originally known as OAO FIK Novafininvest. Novatek is based in the Yamalo-Nenets Autonomous Region in West Siberia, and maintains a sales office in Moscow. In the 2020 Forbes Global 2000, Novatek was ranked as the 316th-largest public company in the world.

<span class="mw-page-title-main">OGK-3</span>

OGK-3 was a Russian power company. The stock was traded on the MICEX-RTS stock exchange.

The Kazakhstan–China oil pipeline is China's first direct oil import pipeline allowing oil import from Central Asia. It runs from Kazakhstan's Caspian shore to Xinjiang in China. The pipeline is owned by the China National Petroleum Corporation and the Kazakh oil company KazMunayGas.

The Eastern Siberia–Pacific Ocean oil pipeline is a pipeline system for exporting Russian crude oil to the Asia-Pacific markets. The pipeline is built and operated by Russian pipeline company Transneft.

The Power of Siberia 2 is a proposed natural gas pipeline to export natural gas from Russia's Western Siberia Altai region to North-Eastern China.

<span class="mw-page-title-main">Petroleum industry in Russia</span> One of the largest in the world

The petroleum industry in Russia is one of the largest in the world. Russia has the largest reserves and is the largest exporter of natural gas. It has the second largest coal reserves, the sixth largest oil reserves, and is one of the largest producers of oil. It is the fourth largest energy user.

<span class="mw-page-title-main">Energy in Russia</span> Overview of the production, consumption, import and export of energy and electricity in Russia

Energy consumption across Russia in 2020 was 7,863 TWh. Russia is a leading global exporter of oil and natural gas and is the fourth highest greenhouse emitter in the world. As of September 2019, Russia adopted the Paris Agreement In 2020, CO2 emissions per capita were 11.2 tCO2.

<span class="mw-page-title-main">Power of Siberia</span> Natural gas pipeline from Siberia to China

Power of Siberia is a Gazprom-operated pipeline in Eastern Siberia that transports natural gas from Yakutia to Primorsky Krai and China. It is a part of the eastern gas route from Siberia to China. The proposed western gas route to China is known as Power of Siberia 2.

Yamal project, also referred to as Yamal megaproject, is a long-term plan to exploit and bring to the markets the vast natural gas reserves in the Yamal Peninsula, Russia. Administratively, the project is located in the Yamalo-Nenets Autonomous Okrug.

Ukraine has been estimated to possess natural gas reserves of over 670 billions cubic meters (in 2022), and in 2018 was ranked 26th among countries with proved reserves of natural gas. Its total gas reserves have been estimated at 1.870 trillion cubic meters. In 2021, Ukraine produced 19.8 billion cubic meters (bcm or Gm3) of natural gas. To satisfy domestic demand of 27.3 bcm that year, Ukraine relied on gas imports (2.6 bcm) and withdrawal from underground storage (4.9 bcm). Winter demand can reach 150 mcm per day. To meet domestic demand, Ukraine plans to increase domestic natural gas output to 27 bcm.

The Verkhnechonskoye field is a giant oil field in Eastern Siberia, Russia. The field is located in Kataganskiy district, Irkutsk Oblast, about 1,100 kilometres (680 mi) north-east from Irkutsk. It is considered the largest oil field in Eastern Siberia.

Chayanda field is a large hydrocarbon resource field, primarily of natural gas and gas condensates. It is located in the Lensky District of the Sakha Republic in Yakutiya.

<span class="mw-page-title-main">Natural gas in Russia</span>

In 2021 Russia was the world's second-largest producer of natural gas, producing an estimated 701 billion cubic meters (bcm) of gas a year, and the world's largest natural gas exporter, shipping an estimated 250 bcm a year. In 2022 the export market collapsed, following the Russian invasion of Ukraine and Russia reducing exports after countries refused to pay in rubles.

References

  1. Kramer, Andrew E. (2007-06-23). "Moscow Presses BP to Sell a Big Gas Field to Gazprom". The New York Times . Retrieved 2007-06-29.
  2. "Gazprom, BP and TNK-BP enter into agreement on major terms of cooperation" (Press release). Gazprom. 2007-06-22. Archived from the original on 2010-12-16. Retrieved 2007-06-29.
  3. 1 2 Bland, Will (2010-06-03). "TNK-BP: Kovykta Field Operator Files For Bankruptcy". Dow Jones Newswires. Archived from the original on 2010-06-05. Retrieved 2010-06-14.
  4. Gronholt-Pedersen, Jacob (2010-06-07). "Gazprom: Doesn't Need Gas From TNK-BP's Kovykta Field". Rigzone. Dow Jones Newswires . Retrieved 2010-06-14.
  5. 1 2 "OGK-3 did not challenge the court decision on bankruptcy Rusia Petroleum". Rusmergers.com. 2010-06-19. Archived from the original on 2011-07-15. Retrieved 2011-01-01.
  6. 1 2 "Kovykta Project". TNK-BP. Archived from the original on 2007-06-27. Retrieved 2007-06-29.
  7. "OGK-3 filed an appeal in the bankruptcy Rusia Petroleum". Rusmergers.com. 2010-07-29. Retrieved 2011-01-01.