OREANDA-NEWS. February 8, 2012. When the Department of Subsoil Use of the Republic of Bashkortostan (Bashnedra) tallied results of the auction yesterday for the right to geological exploration, prospecting, surveying, and production of hydrocarbons of the Priikskiy subsoil block, OAO Bashneft was recognized the winner. The company will make a one-time payment for the Priikskiy subsoil block of 17.03 million roubles.

The Priikskiy block is situated on the territory of Bashkortostan’s Bakalinsky and Sharansky municipal districts, and is confined tectonically to the South-Tartar roof. The block is estimated to hold 620,000 tons of C3 recoverable oil reserves and 1.5 million tons of D1L. The block borders the Kalaevskoe, Mustafinskoe, Yubileinoe and Ardatovskoe oil fields, already developed by Bashneft.

The right to geological exploration, prospecting, surveying, and production of hydrocarbons of the Zapadno-Kungakskiy subsoil block failed to sell at auction since OAO Bashneft was the only company to bid. The Auctions Commission recommended Bashneft be granted a license to geological exploration of the Zapadno-Kungakskiy block for a term of five years and without a one-off payment.

The Zapadno-Kungakskiy block is located in Bashkortostan’s Askinsky municipal district, and is confined tectonically to the north-eastern region of the Bashkirskiy roof. The block is estimated to hold 1,932,000 tons of prospective recoverable C3 oil reserves and 96 million cubic metres of C3 gas reserves. In the north the Zapadno-Kungakskiy block borders the Biavashskoe oil field which was discovered earlier, and whose mineral rights belong to Bashneft.