Interfax reported that the Russian Federal Subsurface Resources Agency will hold auctions on October 14th for two oil properties in the Republic of Komi Glushsko-Rybnitsky and Verkhnekhatayakhsky-II.

Bids must be submitted to take part in the auctions by September 11.

The starting price for the Glushsko-Rybnitsky property is RUB 110 million. The field, which covers an area of 282.3 square kilometers, has C3 reserves of 8.629 million tonnes of oil and D1 reserves of 0.5 million tonnes.

The Verkhnekhatayakhsky-II property has a starting price of RUB 36 million. The field, which covers an area of 16.5 square kilometers, has C1 reserves of 1.03 million tonnes and C2 reserves of 0.44 million tonnes.

(Sourced from Interfax)