TNK-BP Acquires Rights for Chagansky Gas Field

TNK-BP announced that Orenburgneft, one of its main production companies, won the auction for the subsoil use rights of the Chagansky gas field in the Orenburg region. The price of the auction amounted to 115.2 million rubles.

The exploration and production license for the Chagansky field is issued for twenty years and can be extended for the life of the field. The total number of licenses held by Orenburgneft now amounts to seventy-seven including the regions of Orenburg, Samara, Saratov and Astrakhan.

"The Chagansky field with its recoverable resources of 2.4 billion m3 of gas will be a natural contribution to the existing asset portfolio of Orenburgneft. It will increase our operational efficiency in the region by providing additional feedstock for the company's infrastructure and processing facilities," Sergey Brezitsky, Executive Vice President, Upstream, TNK-BP, said.