RusEnergy

01.03.2006 11:02 [Neftegaz.ru] - Russia's state-run firm Sibneft and private oil company Russneft have decided not to bid for Russian oil major TNK-BP's subsidiary Udmurtneft. Thus the only bidders for TNK-BP unit are China’s Sinopec and a joint venture between India's ONGC and Russian gas producer Itera. Udmurtneft produces 120,000 barrels per day and has reserves equivalent to around 1 billion barrels, but its fields are located far from TNK-BP's core Siberian fields. Some sources have said the asset carries an estimated value of around $2-$3 billion and a source close to the situation said that both Sibneft and Russneft, which has already bought several assets from TNK-BP, have decided the price is too high.