BP to Lose $18 Billion Field Amid Russian Crackdown

BP Plc’s Russian venture will probably lose its license to a Siberian field with enough natural gas to supply Asia for five years as President Vladimir Putin extends state control over foreign energy projects.

A Natural Resources Ministry commission should annul BP’s permit for the $18 billion Kovykta field at its meeting today, Oleg Mitvol, the deputy head of the ministry’s environmental inspectorate, said in Moscow. A draft of the commission’s minutes for today’s meeting says the license will be revoked, Interfax said, citing a copy of the document.

Bloomberg