04:27 GMT +322 February 2018
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    Rosneft wins oil and gas tender for $175mln

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    MOSCOW, July 4 (RIA Novosti) - Rosneft said Tuesday it had won a tender to develop a promising oil and gas site in northwestern Siberia offering 4.73 billion rubles ($175 million).

    The Russian state-run oil company said: "Bidding in and winning the tender is part of the company's consistent strategy to increase oil and gas production opportunities via comprehensive development of West Siberian deposits, which will become the main source of reserves to fill a strategic oil pipeline from East Siberia to the Pacific Ocean."

    The pipeline is slated to become a highly important way for Russia to transport crude to energy-hungry China and the rapidly developing Asia-Pacific Rim.

    The reserves at the Severo-Charsky site are estimated at 35 million metric tons of oil (257.25 million bbl) and 20 billion cubic meters of natural gas.

    Rosneft also won tenders earlier this year to prospect and develop oil and gas deposits in western and central Siberia, where projected reserves total 50 million tons of oil (about 366 million bbl).

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