ONGC arm loses bid for Russian oilfields: report

Out of total six bidders,Russian oil companies Surgutneftegaz and Bashneft have been shortlisted to compete.

Nord Imperial,a Russian subsidiary of the Indian energy major ONGC fails to reach qualification round in its bid to procure two giant oil deposits in Russia’s Arctic region,say media reports.

Out of total six bidders,Russian oil companies Surgutneftegaz and Bashneft have been shortlisted to compete for the Trebs and Titov deposits in Timan-Pechora region in the Arctic Circle with C1 reserves estimated at 578 million barrels and 63.4 million tons 465 million barrels of crude respectively,PRIME-TASS business wire reported.

Russia’s Federal Agency for Management of Mineral Resources said there were “serious reasons for rejecting” bids by almost all the companies bidding in the auction for the giant oil deposits in.

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Nord Imperial,part of ONGC-owned Russian subsidiary Imperial Energy,failed to present the approval of the company’s board or shareholders,according to business daily Kommersant.

“The Federal Agency for Management of Mineral Resources also believed the Nord Imperial may not have enough funds not just to develop the fields,but even to make the initial payment,” Kommersant wrote.

The opening price for the auction scheduled for December 2 is 18.171 billion roubles equivalent to USD 606 million at the currant rate.

Quoting analysts Kommersant noted that the reasons for rejection of other bidders were formal.

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A bid by Gazprom Neft,the oil arm of Russia’s state-

controlled gas monopoly Gazprom,lacked the approval of the company’s board or shareholders to participate in the auction,while LUKoil-Komi,a subsidiary of Russia’s top private oil major LUKoil,has failed to present validation of accounting reports.

Samotlorneftegaz,TNK-BP’s largest subsidiary,had presented documents from only one bank and failed to confirm its staff qualifications.

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