* Gazprom says Yuzhno Russkoye field bigger than expected
* All parties to reassess size of reserves
* E.ON says process could be lengthy
(Adds detail, background, shares)
FRANKFURT, Oct 11 Russia's Gazprom is
seeking more money from Germany's E.ON and BASF
for their stakes in a western Siberian gas field
because it believes the field is larger than initially assumed.
"Gazprom is in talks with German partners now over the
reevaluation of Yuzhno Russkoye reserves," a spokesman for the
state-owned Russian firm said in Moscow, declining to comment on
the level of the compensation sought.
An E.ON spokesman confirmed Gazprom was demanding more money
for its 25 percent shareholding, but declined to specify the
possible sum in question.
BASF, which also has a 25 percent stake in the field,
declined comment on the question of compensation but gave an
estimate of over 600 billion cubic metres (bcm) for the size of
Media reports have said this figure, agreed at the time the
German firms bought their stakes last decade, has now been
raised to 790 bcm and that Gazprom is seeking an extra 1 billion
euros ($1.4 billion) from its partners.
At 0940 GMT, E.ON shares were down over 3 percent, while
BASF's were flat, compared with a 0.4 percent rise in Germany's
blue-chip DAX index.
E.ON chief executive Johannes Teyssen said at a meeting in
Brussels he did not expect the issue to be quickly resolved as
new studies had to be taken into account.
"We are far away from reassessing the value of that field,"
Teyssen said during a gathering of utility chiefs.
"Much of it is wishful thinking," he added.
E.ON's head of investor relations, Marc Spieker, said in a
conference call with analysts on Thursday that a possible
revaluation was part of the agreement between the parties.
Output from the field helps fill the Nord Stream pipeline
under the Baltic Sea that brings Russian gas directly into
Germany where BASF, jointly with Gazprom subsidiaries, and E.ON
are big local operators.
The deal with BASF's Wintershall was agreed in 2007 and that
with E.ON in 2009.
($1 = 0.7395 euros)
(Reporting by Anneli Palmen and Tom Kaeckenhoff in Duesseldorf,
Vera Eckert in Frankfurt, Denis Pinchuk in Moscow, Tom
Koerkemeier in Brussels; Editing by Mark Potter)