Official: Russian min to auction Erginskoye oilfield in 2016

MOSCOW, Aug 9 (PRIME) -- The Russian Natural Resources and Environment Ministry plans to auction the Erginskoye oilfield in the Khanty-Mansi Autonomous District until the end of 2016, an official told PRIME on Tuesday.

Media reported earlier that the auction was suspended as foreign investors have not decided on their participation in the auction. The ministry earlier offered to set a requirement for auction participants to attract foreign investors.

“The auction has not been suspended, it has not been announced so far. The Russian Natural Resources and Environment Ministry will have the time to hold the auction until the end of 2016,” the official said.

The field’s recoverable estimated and preliminarily estimated oil reserves stand at 103 million tonnes.

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