Russia's Gazprom won licenses for rights to develop two large oil and gas fields in the Arctic, beating rivals Rosneft and Lukoil, paying 23.338 billion roubles (US$354.6 million) at an auction for rights to develop the Layavozhskoye and Vaneyvisskoye oil and gas fields in the Nenets Autonomous Region, according to an official at oilfield licenses regulator Rosnedra on June 15, Reuters said. The starting price was set at 8 billion roubles.

Analysts have said that Gazprom needs to increase its resource base in the face of rivalry from other, smaller, gas producers in the domestic market.

According to Natural Resources Ministry data, the Layavozhskoye Field contains 9.8 million tonnes of oil and 140.1 billion cubic meters (Bcm) of natural gas reserves. Reserves at Vaneyvisskoye are estimated at 6.5 million tonnes of oil and 85.2 Bcm of natural gas. (US$1 = 65.8243 roubles)