The field is located in the northern part of the Irkutsk Oblast, in the Zhigalovo and Kazachinsko-Lensk districts.

[5] On 1 March 2011, Gazprom bought Rusia Petroleum's assets, including rights for the Kovykta field, for $711 million.

[5][7] The Kovykta field is considered to supply natural gas to China and Korea.

According to these agreements signed by Rusia Petroleum with China National Petroleum Corporation and Kogas on 2 November 2000, the annual export of gas to China and Korea will be 20 billion cubic meters (bcm) and 10 bcm, respectively.

[6] The Kovykta field will contribute also to the gasification of Irkutsk Oblast, implemented by the OAO East Siberia Gas Company, a joint venture of Gazprom (originally TNK-BP) and the Irkutsk Oblast Administration.