RusPetro asks for 50-year license extension for Palyanovsky section in Khanty-Mansiisk Autonomous District
MOSCOW. July 13. (Interfax) - Independent oil company RusPetro Plc has asked the Russian Federal Subsurface Resources Agency (Rosnedra) for a 50-year license extension for the Palyanovsky section in the Khanty-Mansiisk Autonomous District, the company said in an operational update.
RusPetro expects to receive the new license in December.
In addition, the company started transporting oil by rail in the second quarter of this year.
"In addition to selling the majority of our oil through the OJSC Transneft pipeline, Q2 saw our first sales to refineries via the rail network. In June, net of transport costs, this generated an average premium per barrel of $3.30 for our light oil compared to sales via the Transneft pipeline. While initial volumes are not material, the potential capacity for this sales channel currently stands at approximately 3,500 bpd with the capacity expected to increase considerably towards the end of 2012," it said.
Since the beginning of this year, RusPetro has finished drilling 14 wells and begun drilling another four at its fields.
The company plans to produce 10,400 barrels per day by the end of this year. Its current production level is 5,600 bpd.
RusPetro is an independent oil company with assets in the Khanty-Mansiisk Autonomous District. Through its subsidiaries, the company owns licenses for the South Inginsky, Pottymsko-Inginsky and Palyanovsky sections.
This past January, the company held an initial public offering (IPO) in London, as a result of which it raised $240 million. RusPetro's largest shareholder is the company Limolines, which holds a 29.7% stake of its shares. According to the media, its beneficiaries are Deputy General Director of En+ Group Andrei Likhachev and Deputy General Director of OJSC Federal Grid Company UES Valery Chistyakov.
