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Wednesday, November 22, 2006

Gazprom in charge at South Tambey

11-22-2006 Upstream onLine - Russia's Gazprom has gained control of the South Tambey gas field on the Yamal peninsula by buying it from its former owner Tambeyneftegaz after reaching an out-of-court settlement, according to Russian media reports. Business dailies Vedomosti and Kommersant said the gas monopoly had gained control of South Tambey, citing unnamed Gazprom sources and the field's former owner. The newspapers said the field holds 1.2 trillion cubic metres of gas, enough to supply Europe for three years. Aton brokerage said the development was positive for Gazprom. "South Tambey will add 6% to the Gazprom's existing reserve base," it said in a report. "This also means that Gazprom is likely to be the only gas producer on the Yamal peninsula, and the almost 5 Tcm of still undistributed gas reserves would ultimately end up on Gazprom's books," it said. Gazprom had initially planned to buy 25% in Tambeyneftegaz, which controlled the field, but Vedomosti said it had ultimately agreed to buy full control from the former owner, Nikolai Bogachyov, for undisclosed sum. In February, Spanish player Repsol YPF said it was considering setting up a joint venture with Anadarko Petroleum and Tambeyneftegaz to develop an integrated liquefied natural gas project on Yamal. Officials at Gazprom were not immediately available for comment and it remains to be seen whether the plan to operate the field together with foreign partners will survive after the field is acquired by Gazprom. The Yamal peninsula in the Arctic and the Shtokman field in the Barents Sea are set to become Gazprom's most important production bases this century as its West Siberian production is declining.

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