Bashneft wins tenders for Arctic oil

Timano-Pechora province (

The Russian oil company OAO Bashneft had the highest bid for the two oil fields Titov and Trebs in the Nenets Autonomous Okrug.


The company may increase its reserves about 70 percent after getting this tender, writes. The Titov and Trebs fields, discovered in the Soviet era, are with their reserves of respectively 63,4 and 78,9 million tons of oil among the biggest untouched fields in the Timan-Pechora province.

The only other company in the bid for the tender, Surgutneftegas failed to make a necessary cash deposit, a spokeswoman at Russia’s Ministry of Natural Resources said.

Six companies wanted to participate in the tender to the two oil fields, but only Bashneft and Surgutneftegas were allowed by the Ministry of Natural Resources to participate. The four other contenders – Lukoil, Gazprom Neft, TNK-BP and ONGC were for various reasons held out of the tender, as BarentsObserver reported.