The development of the large Trebs and Titov deposits, the license for which Russia's mid-sized Bashneft oil company received earlier this week, may require investment of $5-6 billion, Bashneft Board Member David Yakobashvili quoted expert estimates as saying on Friday.
If Bashneft, which belongs to AFK Sistema oil to services conglomerate, found a partner, the volume of investment could be adjusted, Yakobashvili told reporters.
The government awarded Bashneft with a license to develop the Trebs and Titov deposits without an auction on Thursday.
The Trebs and Titov deposits are among the most promising in the Timan-Pechora northern 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, December 3 (RIA Novosti)