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 stated. "We plan to continue geological exploration both in Chukotka and Sakhalin as part of our efforts to expand Sibneft's reserve base."
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