“Rosneft” has lost about $100 million due to the failure of the...

“Rosneft” has lost about $100 million due to the failure of the plot on the Taimyr Peninsula

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Photo: Donat Sorokin/TASS

“Rosneft” has refused licenses for oil and gas production on the Taimyr Peninsula, which a decade ago paid at auction about $100 million These funds from the budget are not returned, a spokesman for the Ministry of natural resources

“Rosneft” has refused licenses to develop oil and gas Pendomayakhsky area located on the Taimyr Peninsula in the Tazovsky district of the Yamalo-Nenets Autonomous district, follows from the materials published on the website of the company.

In accordance with the terms of the license the company had until January 1, 2017, to build on a site of not less than two exploration wells, and until may 1 to submit to the Federal and territorial Fund of geological information report about the work done, and in the case of open fields — and even the report with calculation of reserves of oil and gas in the state, noted in the materials. In addition, until November 1, 2016 Rosneft had to submit to the Agency a written request of its intention to continue exploration work on several promising areas with indication of their borders. The company representative promised to provide a review later.

Rosneft acquired a license to Pendomayakhsky plot at the auction the Ministry of natural resources over a decade ago — in may of 2006, 2.8 billion rubles (at the then exchange rate — $99,07 million). As wrote “sheets” for this site turned “serious” wrestling: the starting price was 40 million rubles ($1.4 million). “We wanted to buy these licenses, but was traded to the limits of fair prices,” — said the representative of the other candidate on the site, “Sibneft” (after the sale to “Gazprom” is renamed in “Gazprom oil”). Top-Manager of Sibneft has added that “Rosneft” highly overpaid for the asset.

A one-time payment paid at the auction, the budget is not returned to the investor, said RBC representative of the Ministry of natural resources Nikolay Gudkov. Geological exploration and search is a field of high commercial risk, he said.

Deferred liabilities

The Ministry of environment on behalf of the President Vladimir Putin on 12 February 2015 until the end of December 2016 updates the license for subsoil use for oil and gas and solid minerals for the purpose of adjustment of plans for exploration and production with considering the economic situation and current data of companies. The company has the right to submit proposals on the postponement of the implementation of part of works on seismic surveys or drilling wells, as well as the start of the production of oil or gas. But this is true only for those companies that do not violate or promptly eliminate the violation of the terms of subsoil use. In addition, they should not have debts on payments in the budget for the use of subsoil. “Rosneft”, “Gazprom” and other companies have already updated most of their licenses by sliding the timing of exploration by an average of one to three years from a planned, said in September the Minister of nature Sergey Donskoy. Then he said that in November will hold a meeting with oil companies, where they will announce plans for exploration in 2017. The Minister reported that the company plans to spend on exploration in 2016-about 300 billion rubles — is 10.4% lower than a year earlier.

License Pendomayakhsky the site has been for 25 years — until April 2031, its resources were estimated at 9.7 million tonnes. This plot is situated near the giant Vankor field, which Rosneft plans to develop a cluster, and already attracting to it the Indian state-owned company, which over the last six months has acquired 49% “Vankorneft” for $4.22 billion (one of the deals is under registration).

In the fall of 2013 “Rosneft” refused once again from a license are in the immediate vicinity of Vankor — Tukolandsky of land with estimated resources of 7 million tons of oil and 5 billion cubic meters of gas. This license she also bought at auction in the spring of 2006, but then it paid 430 million rubles ($15.2 million) with a starting auction price of 6.5 million rubles.

And in early October, the company “UDS-energy” controlled by the Deputy of the state Council of Udmurtia Alexei Culkin, refused to pay for a license to Borovichskiy oil and gas area in Yakutia, which she won at auction at the end of August 2016, beating out such giants as Rosneft and NOVATEK. About the Chulkin in writing notified the representative of the Committee of Yakutia on 7 October. At the auction company Chulkina increased payment of 162 times, from 17 million to 2.8 billion rubles ($42.4 million). To pay for the license she had in a month. In the end, the state has had a Deposit in the amount of 17 million rubles, made by the company.