22:24 GMT +319 June 2019
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    Russia's Bashneft gets license for Trebs, Titov deposits without auction

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    Bashneft, the mid-sized Russian oil company belonging to AFK Sistema holding firm, has won tender for the license to develop the huge Trebs and Titov deposits without an auction, the Natural Resources Ministry said on Thursday.

    Bashneft, the mid-sized Russian oil company belonging to AFK Sistema holding firm, has won tender for the license to develop the huge Trebs and Titov deposits without an auction, the Natural Resources Ministry said on Thursday.

    The company offered to pay 18.476 billion rubles ($597 million) for the deposit. The initial payment was set at 18.171 billion rubles, the ministry said in a statement.

    Bashneft was one of the two firms whose bids for the Trebs and Titov deposits were allowed to go forward. The second participant in the tender, Surgutneftegas, did not make an advance payment and did not present its feasibility study and was disqualified.

    In September, the government admitted only Surgutneftegas and Bashneft to the tender and rejected tender proposals by LUKoil, TNK-BP, Gazprom Neft and Nord Imperial, part of Indian ONGC.

    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 2 (RIA Novosti) 

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