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Bashneft Wins Auction for Two Subsoil Blocks in the Nenets Autonomous District

Bashneft was recognized as winner of the auction held today by the Department of Subsoil Use of the Nenets Autonomous District (NAOnedra) and was granted the rights to geological exploration, finding, surveying, and production of hydrocarbons of the Yangareiskiy and Sabriyaginskiy subsoil blocks. The company will make a one-time payment of 2,711.5 million rubles for the Yangareiskiy subsoil block and of 1,801.8 million rubles for the Sabriyaginskiy subsoil block.

“The fact that we won the auction proves that our investments in the north of the Timan-Pechora province are a part of a long-term strategy that is not confined to the development of the R.Trebs and A.Titov oilfields, although is a large-scale project,” stated Alexander Korsik, President of JSOC Bashneft. “We are planning to increase the Company’s resource base in the region through geological exploration of the purchased oilfields, which our geologists expect to contain considerable oil resources”.

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