Gazprom not to Change Partners in West Kamchatka Offshore Project

12.05.2008 (10:21)

The possible change of ownership of the license to explore West Kamchatka offshore fields should not affect Rosneft's Korean partner KNOC, RBC reports.

Meanwhile, South Korea has already assigned $270m to bore two exploration wells in Kamchatka, and the Korean drilling rig Doo Sung is expected to arrive on the spot soon. It is presumed that the work on the second exploration well will not start until 2009.

A source in KNOC said that pursuant to the agreement with Rosneft, KNOC assumed all geological and financial risks, and if Rosneft lost the license, its Korean partner would incur losses of millions of dollars that had already been invested. Gazprom, however, says that it is interested in Rosneft's stake in the license owner Kamchatneftegaz, where Rosneft controls 60 percent, while a KNOC subsidiary holds the remaining 40 percent. Yet, the gas giant is ready to retain the partnership. The plans are that the Korean company could produce oil on the West Kamchatka shelf, while Gazprom would take care of its gas resources.
Print version