Map showing West Siberian Oil and Gas Basin and location of Licence 61
The oil resources in the West Siberian basin are extremely large in absolute terms. The US Geological Survey estimates volumes of discovered hydrocarbons in the basin are 144 billion barrels of oil and more that 1,300 trillion cubic feet of gas. Estimated ultimate recovery is almost 232 billion barrels of oil. Approximately 70% of the oil produced in Russian comes from the West Siberian Basin. PetroNeft Resources’ Licence No. 61 (Tungol) extends over an area of 4,991 square kilometres in the eastern portion of the basin. The area is under explored because of the multibillion barrel oil fields that are located in the region, which were a priority for early development.
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