MOSCOW, May 15 (RIA Novosti) - Russia's mineral resources watchdog said Tuesday it will ask the American Society of Petroleum Engineers (SPE) to provide estimates of Russia's hydrocarbon reserves according to SPE procedures.
The Federal Agency for the Management of Mineral Resources said it is primarily interested in estimates of reserves in areas without transport infrastructure.
The regulator said earlier some foreign companies had reported higher hydrocarbon reserves in areas they are licensed to develop, enabling them to avoid their obligations under production sharing agreements and Russian law.
As a result, hydrocarbon fields are not being developed, while company share prices and capitalization are growing, the regulator said earlier.
Vladimir Smolin, deputy head of the service, said certain companies, whose licenses cover over 70% of hydrocarbon reserves, do not fulfill their obligations under the licenses.
