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. Last Updated: 07/27/2016

Limit Near on PSAs

MOSCOW -- The number of Russian oil projects developed under production-sharing agreements are about to reach the limit set by law, Fuel and Energy Ministry official Irek Amirov said Wednesday.

Legislators last year set a limit of 30 percent for the amount of Russia's oil reserves that can be developed by PSAs.

Several PSAs have been passed in the past several months, and the State Duma is preparing to examine PSAs for Rosneft's Kharampurskoye, Komsomolskoye and Surgutneftegaz Tyanskoye oil fields harboring 122.7 million, 190.8 million and 277.9 million tons of recoverable oil reserves, respectively.

Eastern Siberian Oil and Gas Co. has also asked the lower house of parliament to pass a PSA for the Vankorskoye oil field, which has an estimated 223.2 million tons of oil reserves.