Russian oil producer TNK-BP Holding (TNBP.RS), part-owned by U.K. oil major BP PLC (BP), is ready to sell its stake in Kovykta natural gas field to the state-controlled monopoly OAO Gazprom (GAZP.RS).
TNK-BP's Chief Financial Officer Jonathan Muir said Monday that the company has invested $664 million in Kovykta and is ready to sell its interest in the field to Gazprom.
He said it as the company reported a 5.7% drop in net profit for 2009 on lower prices for Urals crude, even as its costs benefited from a weaker ruble.
TNK-BP agreed in 2007 to sell its 62.8% stake in Rusia Petroleum, which holds the license for the Kovykta field, to Gazprom for between $700 million and $900 million, but talks between the two companies broke down.
Meanwhile, Russia's Resources Agency is currently considering whether to revoke Rusia Petroleum's license for the field, as the company allegedly is not complying with the terms of the license.