Sibneft To Explore Two Lucrative Fields

Russian oil company Sibneft revealed yesterday it had won an auction for two oil fields in the Khanty-Mansiisk region, Russian Siberian North, with oil reserves of 365 million barrels of oil equivalent.

The cost of two blocks of the Salym field constituted 543.11 million rubles ($19.61 million), a price of $0.06 and $0.04 per barrel respectively, the company said.

Under the auction terms, Sibneft can explore the fields for five years, with an option to continue to the production phase.