The government of Russia granted a license to mine “Central” in Caspian sea Oil and gas companies. On Monday, August 15, RIA Novosti reported.
Shares of Oil and gas companies in Central” is distributed between “Kazmunajgaza” (50 percent), Gazprom (25 per cent) and LUKOIL (25 percent). As noted in the disposal, the joint venture granted the right to use subsoil for geological study, exploration and production of hydrocarbons without holding the auction for a period of 25 years with the stage of geological study to seven years.
It is noted that after the stage of geological exploration, the joint venture has the right to use the subsoil in this area with the use of General taxation regime or to negotiate with the government of Russia the agreement on production section.
The field “Central” was opened “TsentrKaspneftegaz” (joint venture of LUKOIL and Gazprom) in 2008. Its reserves are estimated at 169,1 million tons of conditional fuel. However, the license for geological exploration at the site expired in 2009. A new license, the joint venture could not obtain due to the prohibition of private Russian companies to operate offshore (offshore development could only company with state participation over 50%). Later this prohibition was revised in the direction of easing.
