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As Russia continues to strive towards consolidation of its energy resources under state control, it looks like it is only a matter of time before BP plc (NYSE: BP) is going to get the boot from its Siberian Kovykta field. Russia has been threatening this action for about 4 years now, and earlier this week the company lost its appeal to keep Russia from revoking its license.

Russia has been working hard over the past year to regain control of the nation's oil reserves and today the state licensing agency is due to meet to discuss the possibility of killing BP's $20 billion license to the highly lucrative Kovykta field. Just how big is Kovykta? Plenty big, and it is estimated that there are enough oil reserves in the field to supply all of Asia's oil demand for five years, or supply the entire world's demand for oil for an entire year. I would say that is a pretty significant supply!

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Russia to kick BP out of Siberia? originally appeared on BloggingStocks on Fri, 01 Jun 2007 10:15:00 EST. Please see our terms for use of feeds.

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