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Bashneft receives license for Trebs, Titov deposits

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Russian oil company Bashneft has received a license for the giant Trebs and Titov oil fields in the Arctic, the company said on Friday.

Russian oil company Bashneft has received a license for the giant Trebs and Titov oil fields in the Arctic, the company said on Friday.

"The Federal Agency for Subsoil Use of the Russian Federation has granted to Bashneft a license for the subsoil area ... that includes the oil deposit named after Roman Trebs and the oil deposit named after Anatoly Titov," Bashneft said.

Bashneft was the only contender for the oilfields at a December 2 auction after rival bidder Surgutneftegas was disqualified.

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, February 25 (RIA Novosti)

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