(Russia) - Sibneft has completed the acquisition of a 75% interest in TNK-Sakhalin LLC, which holds a license for geological exploration of the Lopukhovsky offshore block near Sakhalin Island in Russia's Far East.
The block covers 3,500 sq km and holds estimated resources of up to 730 MMboe.
Some 2,335 sq km of 3D seismic exploration work has already been carried out at the site.
Sibneft has received approval of the acquisition from the Federal Anti-monopoly Service, and the company's specialists have prepared an exploration program for submission to the Ministry of Natural Resources.
Should commercially-viable hydrocarbon reserves be confirmed at Lopukhovsky, Sibneft expects to obtain a production license for the block.
"The Far East is one of the most promising oil basins in Russia," acting Sibneft President Alexander Ryazanov states.
"We plan to continue geological exploration both in Chukotka and Sakhalin as part of our efforts to expand Sibneft's reserve base."