Surgutneftegas wins two hydrocarbon auctions in Yakutia

YAKUTSK, Russia (Thomson Financial) - OJSC Surgutneftegas said it won two auctions for hyrdocarbon properties in Yakutia, the head of the territory's subsurface resource agency told Interfax.

The Russian oil and gas company bid 357.7 mln rubles for the Stanakhsky section which contains 59,000 tonnes of recoverable oil reserves and 5.23 bln cubic metres (bcm) of fully extractable gas reserves.

The site also contains an estimated 14.543 bcm of additional reserves and could also contain a further 23.4 bcm of reserves pending further exploration work.

Surgutneftegas also bid 113.3 mln roubles for the Bakhchinsky section, which could contain 2.375 mln tonnes of oil and 16.23 bcm of gas, though further exploration work is needed to determine its full potential.

// Mar. 12, 2008

Resource: Thomson Financial News