Giant Arctic oil licenses for Bashneft
Russian oil company Bashneft has won the tenders for development of the oil fields Trebs and Titov in the Nenets Autonomous Okrug.
The two fields have total oil reserves of 140 million tons and are among the biggest untouched fields in the Timan-Pechora province. The licenses have a time-frame of 25 years, Bashneft writes in a press release.
Six companies wanted to participate in the tender to the two oil fields, but only Bashneft and Surgutneftegas were allowed by the Ministry of Natural Resources to participate. Surgutneftegas failed to make a necessary cash deposit.
The four other contenders – Lukoil, Gazprom Neft, TNK-BP and ONGC were for various reasons held out of the tender, as BarentsObserver reported.
