The Ministry of Natural Resources of the Russian Federation (Minprirody) offered nineteen new blocks for exploration and production in August 2013, including two blocks of federal significance, the Amur-Limanskiy block and Vostochno-Pribrezhnyy blocks.
Only companies with 50% government ownership may bid for subsoil areas of federal significance at auction.
The two federal license blocks are in the Sea of Okhotsk, Russian Far East, neither of which has been drilled thus far:
• Amur-Limanskiy - 285.8sq. km, with 0.3km/sq. km seismic - US$9,950 application fee, $81,300 deposit.
• Vostochno-Pribrezhnyy - 56.4sq. km area with 2km/sq. km seismic - US$13,180 application fee, $1,382,120 deposit.
The deadline for applications and deposits was 23 August, to be processed 23 September 2013.
The blocks will be offered for 25 years of exploration and production. The auction will begin at the starting price and increase in increments of 10% of the starting price with each bid.
Source: Deloitte
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