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Lukoil, Rosneft call on PM to look into licensing of natural resources exploration
RBC, 20.11.2009, Moscow 11:55:36.Russia's largest oil companies - Lukoil and Rosneft - have asked Russian Prime Minister Vladimir Putin to instruct the relevant government bodies to clarify the procedure for issuing licenses for the exploration and development of hydrocarbon deposits on the continental shelf, seas and inland sea waters. According to the RBC Daily newspaper, the two companies' heads have submitted a letter to the PM. The Caspian Oil Company spent RUB 2.8bn (approx. USD 97m) on a geological survey in the northern Caspian Sea and discovered an oil and gas field there. Priazovneft discovered another deposit in the Azov Sea. The two companies applied to the regulator for licenses for the development of these fields, but have so far received no reply. The problem with such deposits lies in the amendments to the federal law on natural resources, which stipulate that only state-owned companies can develop deposits of federal importance. Meanwhile, one of the joint venture participants that owns the Caspian Oil Company (Lukoil, Rosneft and Gazprom) - Lukoil - is partly (20 percent) owned by ConocoPhilips and its shares are traded abroad in the form of GDRs.
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