Russian Government extends access to offshore fields

The Ministry of Natural Resources has agreed preconditions, on which Russian private oil and gas companies with experience of operation on shelf will be able to receive access to new offshore fields. Also, the Government may allow consortium of investors to gain access to offshore fields, including with participation of foreigners, but the members of a consortium will have to obtain permission from the state. Experts believe that the amendment will be supported, but the main lobbyist of changes Lukoil will benefit from them more than others. However, the effect of these proposals should be expected not earlier than in ten years.

On Monday, the Ministry of Natural Resources sent to Offices of the President and the Government proposals that change the conditions of access to offshore oil and gas fiels, agreed with the Ministry of Economy and Energy Ministry, said yesterday the Minister of Natural Resources Sergei Donskoy. Ability to work on shelf can be received by private Russian companies. The Ministry also proposes to use the mechanism of consortiums. "Consortium will be created under the leadership of the state, rather, there will be pre-qualification of participants, and the State will be to approve them," - Mr. Donskoye said to the Interfax. According to the Kommersant’s sources in the Government, consortiums can include foreigners too, but as minority shareholders. "It is still being debated, but for a while it is not expected that foreign companies can be operators or gain control," - says the Kommersant’s source.