Are you sure?

Russneft has six months to meet extraction stipulations

Russian licensing authority Rosnedra has given oil company Russneft, of which Hungarian oil and gas company MOL owns a 50% stake, six months to satisfy its license terms to utilize at least 95% of the gas extracted along with crude oil at the Zapadno-Malobalyk field in Siberia, the Russian press reported on Friday.

Russneft, which plans to utilize the gas to produce electricity, says that a half year is not enough to meet the target, which the company intends to satisfy after completing its associated gas-utilization program in 2010.

Russneft owns a 50% stake in the Zapadno-Malobalyk field.

Russian state-owned Rosneft has sued Russneft to obtain the company's stake in the field in repayment for a debt. (MTI-ECONEWS)