North-West Wins Bid for Lugovskoe

North-West Oil Group reported that it has won the bid to purchase the reserves of Lugovskoe located in the oil-rich region of Saratov. The deposits cover an area of 11.6 km2. These reserves include 2,547,700 barrels of category C-1 oil and 13,000,000 cubic meters of gas.

The president, Malyshev, adds, "The deposit includes the required license for a period of 20 years and once the deal is completed extraction can commence in February 2007."