Russian agency cancels auction for Erginskoye oil field

MOSCOW, Apr 6 (PRIME) -- Russia’s Federal Mineral Resources Agency has cancelled an auction for the Erginskoye oil deposit in the Khanty-Mansi Autonomous District, according to documents seen by PRIME on Thursday.

The auction was announced in March with the starting price set at 7 billion rubles. Bids were to be accepted until May 12, while results were planned to be announced on June 7.

The field’s recoverable oil reserves amount to 18.842 million tonnes under the C1 category and to 83.877 million tonnes under the C2 category.

(55.8940 rubles – U.S. $1)

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