Moscow, 31 August 2000; Sibneft has won rights to develop three blocks in a tender for upstream acreage held in the Yamal-Nenets autonomous district. The Pyakutinskoye, North Noyabrsk and Volyntoiskoye blocks are believed to harbour potential reserves of over 700 million barrels. Sibneft plans to spend $74 million on exploration work at the three blocks.
Sibneft recently launched an aggressive $1 billion field development programme. The company is this year starting production from four new fields and will also begin producing oil from new reservoirs at another two fields.