“BASHNEFT” increases oil reserves

The Federal Subsurface Management Agency issued the license for the federal section of mineral resources to the JSC “BASHNEFT”. The section includes the oil deposits by P. Trebs and A. Titov. The license is issued in accordance with the Russian Government’s decree, signed on February 7, 2011.

The “BASHNEFT” press-service reports the license is given for the term of 25 years. The license section is located on the territory of Yamal-Nenets autonomous district and its area exceeds two thousand square kilometers. The summary extracted oil reserves of the industrial categories (C1+C2) make up 140,1 million tons.

“Entering the area of Timan-Pechora our company cardinally widens the oil mining geography and increases the summary extracted oil reserves by more than 30%” – the President of JSC “BASHNEFT” Viktor Khoroshavtsev says – “In the future it gives our company a chance to make the volumes of oil mining and oil refining more balanced, maximally using the potential of the Ufa refineries, which have the best index of oil refinery depth in Russia for today. All these factors will finally contribute to the rise of investment attractiveness of the JSC “BASHNEFT”.