MOSCOW, August 26 (RIA Novosti) - Russian oil giant Rosneft has been granted the right to use a subsoil area in the Sea of Okhotsk following the acceptance of its bid, the Russian government said in a decree published on its website Tuesday.
According to Russian law, companies must pay a one-time fee for the right to explore and develop subsoil resources. Rosneft won an auction for the right to prospect and extract hydrocarbon deposits in a subsoil area of federal importance in July, with a $10.8 million bid. Sakhalinmorneftegaz, a Rosneft subsidiary, also took part in the auction, which saw bidding start at $9.8 million.
Rosneft’s newly-acquired subsoil area is part of the Lebedinsky oil, gas and condensate field, located near Russia’s Far Eastern island of Sakhalin. The field is approximately 1.4 square miles and is situated in the shallow waters of Sakhalin’s northeastern shelf, 0.6-1.5 miles from the shore. The depth of water in the area is around 65.6 feet.
