Russia’s Sibneft bids to extract oil in Kuwait

Russia’s sixth largest oil producer OAO Sibneft will take part in a tender to develop four large oil fields in North Kuwait, Sibneft’s spokesman said. Sibneft and the other 17 bidders for equity participation are currently in talks to create a consortium. “Middle East is definitely a focus of Sibneft’s interests because it is the only place in the world where the cost of oil production is as low as in Siberia,” the spokesman said. The next stage, drawing up the operating service agreement, is expected within a year. The fields will be operated by Shell, British Petroleum, Exxon Mobil Corp., Texaco Inc., Chevron Corp., TotalFinaElf , ENI SpA, Conoco Inc. and Phillips Petroleum Co.

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