TNK-BP President Robert Dudley said the delay in announcing the tender's results was due to the complex procedure for submitting bids. He also said there was a raft of bids whose price offers were close to each other.
The Russian anti-monopoly watchdog allowed ten Russian and foreign firms to bid for a controlling interest in Udmurtneft, the main oil producer in the Volga region Republic of Udmurtia.
Udmurtneft, which has annual oil production of some 6 million metric tons (120,500 bbl/d), is currently developing 26 oil fields in the region.
Udmurtneft has a charter capital of 3.56 million rubles (about $130,000) divided into 2,671,549 ordinary and 890,517 preferred shares, each with a face value of 1 ruble (about $0.03).