Russian gas company Gazprom has agreed with oil firm TNK-BP, UK oil titan BP's Russian joint venture, to postpone the acquisition of the Kovykta gas field until December 2007, Reuters has revealed.

Although the two companies were due to finalize the deal within three months of when TNK-BP agreed to sell its stake to Gazprom in June 2007, Gazprom has reportedly stated that the delay has arisen because more work has to be done in valuing the assets.

While TNK-BP had valued its controlling stake in Kovykta at $700 million to $900 million, Gazprom does not think that the asset is worth such a high figure, Reuters said.