Regulator To Ask US Experts For Hydrocarbon Reserves Estimate

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by Staff Writers
Moscow (RIA Novosti) May 16, 2007
Russia's mineral resources watchdog said Tuesday it will ask the American Society of Petroleum Engineers (SPE) to provide estimates of Russia's hydrocarbon reserves according to SPE procedures. The Federal Agency for the Management of Mineral Resources said it is primarily interested in estimates of reserves in areas without transport infrastructure.

The regulator said earlier some foreign companies had reported higher hydrocarbon reserves in areas they are licensed to develop, enabling them to avoid their obligations under production sharing agreements and Russian law.

As a result, hydrocarbon fields are not being developed, while company share prices and capitalization are growing, the regulator said earlier.

Vladimir Smolin, deputy head of the service, said certain companies, whose licenses cover over 70% of hydrocarbon reserves, do not fulfill their obligations under the licenses.

Source: RIA Novosti

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CIVIL NUCLEAR

Russia To Build Nuclear Centre In Sanctions-Hit Myanmar

Moscow (AFP) May 15, 2007
Russia said Tuesday it had agreed to help build a nuclear research centre in Myanmar, the Asian state run by a military junta that is under European and US economic sanctions. "The agreement foresees cooperation in the design and equipping of a centre for nuclear research in Myanmar," including a small light-water nuclear reactor, Russia's atomic energy agency Rosatom said in a statement.

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