Sistema’s oil subsidiary ANK Bashneft has received a licence to develop the Trebs and Titov oilfields in Russia.
Russian Prime Minister Vladimir Putin signed Decree No 152-r, granting the licence for the development of the oilfields.
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Bashneft received the licence for subsoil deposits, which includes the Trebs and Titov oilfields, which are located in the Nenets autonomous district of Russia.
Bashneft will pay RUR18.5bn ($630m) for the licence.
The total recoverable oil reserves (C1 and C2) of both fields amount to 140.1 million tonnes.
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By GlobalData
