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Auction for Erginskoye oil field is expected to be held in August 2016

June 17, 3:46 UTC+3 ST.PETERSBURG
The Erginskoye field in the Khanty-Mansi Autonomous Area is one of the most promising. The oil reserves of C1 + C2 category amount to 103 million tonnes
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ST.PETERSBURG, June 16. /TASS/. Russia’s Natural Resources Ministry expects to hold an auction for the development of the Erginskoye oil field in Western Siberia in August 2016, Natural Resources Minister Sergey Donskoy told journalists on the sidelines of the St. Petersburg International Economic Forum.

"Most likely, in August. Maybe later," he said.

Earlier today, Lukoil’s head Vagit Alekperov coiced the company’s interest in the development of the field.

The Erginskoye field in the Khanty-Mansi Autonomous Area is one of the most promising. The oil reserves of C1 + C2 category amount to 103 million tonnes.

As previously reported, the auction for the sale of the license to develop the field was scheduled for the third-fourth quarter of 2016.

According to the plan of the tender, approved by Prime Minister Dmitry Medvedev, the initial payment will be equal to 5.35 billion rubles ($81.5 mln). The winner of the auction will be obliged to begin the development of the field not later than two years from the date of obtaining the license and to process all the extracted oil at Russian refineries.

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