RusEnergy

31 January 2007 - Upstream onLine - Russia may have another giant gas field on its hands in its far east - or it may just be a vast overestimate of one field's potential, its federal subsoil agency RosNedra said today. The Angaro-Lenskoye field in Eastern Siberia has total estimated reserves of 1.22 trillion cubic metres. If proven, that would put it in the same league as Kovykta, the region's biggest gas field, with reserves of 1.9 trillion cubic metres. If the field turns out to be another giant, it could have an impact on negotiations by state gas monopoly Gazprom to take a majority stake in Kovykta, which is operated by a unit of TNK-BP. However, so far the proven volume of reserves at Angaro-Lenskoye is only one thousandth of the estimated amount, 1.5 billion cubic metres, and the little-known company that holds the licence to develop the field, Petromir, has yet to confirm the numbers. "The difference between this field's estimated and proven reserves is quite significant, and the agency has recommended to the company to have the reserves confirmed within a limited period of time," a RosNedra spokeswoman said. The new deposit has the potential to change Russia's gas export plans, analysts said, giving Gazprom a new option in its plan to build two pipelines to China. "If it is really that big, Eastern Siberia might become the main source for gas exports to China, and Russia might even make it without building gas pipelines from the existing energy hubs of Sakhalin and Yamal to China," said Valery Nesterov from Troika Dialog.