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Bashneft sends feasibility study for Trebs, Titov fields to Subsoil Use Agency

© RIA Novosti . Boris Babanov / Go to the photo bankOil storage tank
Oil storage tank - Sputnik International
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Russian oil company Bashneft has sent a feasibility study for the giant Trebs and Titov oilfields to the Federal Agency for Subsoil Use, fulfilling the final requirement for getting a license to develop the field, Bashneft said on Thursday.

Russian oil company Bashneft has sent a feasibility study for the giant Trebs and Titov oilfields to the Federal Agency for Subsoil Use, fulfilling the final requirement for getting a license to develop the field, Bashneft said on Thursday.

"We've sent the feasibility study meeting all tender requirements on time," a company official told RIA Novosti.

The government will auction the fields, located in the oil-rich northern Timan-Pechora province, on December 2.

A Natural Resources Ministry official said the second participant in the tender, Surgutneftegas, had not yet paid a fee and had not presented its feasibility study, so the tender may be declared void.

On September 27 the inter-departmental commission admitted only Surgutneftegas and Bashneft to the tender, and rejected bids by LUKoil, TNK-BP, Gazprom Neft and Nord Imperial, part of Indian ONGC.

LUKoil, TNK-BP and Gazprom Neft said they planned to challenge their disqualification from the tender. ONGC hopes to cooperate with the tender winner. Russia's largest oil company Rosneft also said it planned to negotiate cooperation with the winner.

The Trebs and Titov deposits are among the most promising in the Timan-Pechora province with C1 reserves estimated at 78.9 million tons (578 million barrels) and 63.4 million tons (465 million barrels) of oil respectively.

MOSCOW, October 28 (RIA Novosti)

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