Sibneft-Chukotka received a five-year geological exploration license for the Tumanskiy block in November 2003. The block covers about 13,000 square kilometers in water that is 25 to 60 meters in depth. There are five localized structures within the license area, with total geological resources estimated to exceed 1 billion tons of oil equivalent.
Geological work likewise continues at other Sibneft license sites in the Chukotka region. At the Telekaiskoye oil and gas condensate field, testing is underway on a well that, in 2004, produced industrial flows of oil. Sibneft has also built geological models of the offshore portion of the Anadyr oil & gas basin based on drilling and seismic work carried out in the region, identifying several more promising structures.
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