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. Last Updated: 07/27/2016

Sibneft Wins Tender

  • Sibneft, the nation’s No. 7 oil major, won a tender for an undisclosed amount Thursday for the rights to develop three blocks of upstream acreage in the Yamal-Nenets autonomous district.

    The Pyakutinskoye, North Noyabrsk and Volyntoiskoye blocks are believed to harbor potential reserves of over 700 million barrels. Sibneft plans to spend $74 million on exploring the three blocks.

    The company recently launched an aggressive $1 billion field development program and plans to begin production on four new fields later this year.