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. Last Updated: 07/27/2016

Gazprom Sees Deal Over Kovykta

ORENBURG — Gazprom may soon reach an agreement to buy the east Siberian Kovykta gas field from TNK-BP, which had blocked the sale while resolving a shareholder battle.

"We're talking about weeks" for an agreement to be reached, Gazprom chief Alexei Miller said Friday in Orenburg. "The value of deal is expected at the same level that was discussed previously.''

Gazprom last year agreed to buy Kovykta for $700 million to $900 million and form a global gas venture with BP with at least $3 billion of assets. Regulators had threatened to revoke TNK-BP's rights to the field for failing to meet output targets.

"We can't put off reaching a final decision any longer given that the problems with regulatory agencies on the license still aren't resolved," Miller said.

Kovykta holds 1.9 trillion cubic meters of gas. TNK-BP could not be reached for comment.