Bashneft receives license for developing Trebs and Titov fields
MOSCOW. Feb 25 (Interfax) - Russia's Federal Subsoil Agency (Rosnedra) has allocated oil company OJSC Bashneft a license for a federally designated subsoil zone, which includes the Roman Trebs and Anatoly Titov oil fields, Bashneft said.
Government order N152-p, signed February 7, 2011, provides the basis for the license allocation.
"Upon entering Timano-Pechora, the company has dramatically expanded its production geography, by over 30%, and boosted its total recoverable C1+C2 reserves. This provides Bashneft the opportunity in future to balance out total production and refinement by utilizing the technical potential of Ufimsk refineries as much as possible, which currently have the best results in the country in terms of conversion rate. In the final calculation, all these factors will help boost Bashneft's attractiveness for investment," the company said in a statement quoting its president Viktor Khoroshavtsev.
The license is valid for 25 years. The licensed section is located in the Nenets Autonomous District and covers 2,151 square kilometers.
Total recoverable C1+C2 oil within the licensed area of the Trebs and Titov fields tabulated on the state balance comes to 140.1 million tonnes.
