The federal subsurface management agency Rosnedra has announced an open tender for a license on Chayvo deposit, located in the Okhotsky Sea district and adjacent to deposits, developed under the Sakhalin-1 project.

The starting price for the lot is reportedly set at $58m.

Oil reserves at the field under C1 and C2 categories are estimated at 16 million tons. Gas reserves as of January 1, 2010, are estimated at 2.511 billion cubic meters under C1 category, 7.423 billion cubic meters under C2 category. Condensate reserves are estimated at 141,000 tons under C1 category and 353,000 tons under C2 category. Extractable reserves at the field under the D1 category are estimated at 8 million tons of oil and 7 billion cubic meters of gas.

Chayvo deposit is included into the resource base of Sakhalin-1 project, carried out jointly by the USA’sExxon Neftegas Limited (30%), Rosneft (20%), India’s ONGC (20%) and Japan’s Sodeco (30%).

The participants’ bids with $12,000 participation fees are accepted till July 29. The tender is scheduled to be held on September 27, 2011.