The joint venture of China National Petroleum Corporation (CNPC) and Rosneft [RTS: ROSN], controlled by the Russian government, bought the West-Chona site ($15.4 million) with estimated reserves of 30 million metric tons of oil (220 million bbl) and 90 billon cubic meters of gas, and the Upper-Ichera well ($30 million), which holds 500 million tons (3.7 billion bbl) and 90 billion cu m respectively.
The initial auction prices were 85 million rubles ($3.3 million) and 100 million rubles ($3.8 million) respectively.
Both sites are located in the Irkutsk Region within 100 miles of the East Siberia-Pacific Ocean pipeline (ESPO), a project slated to pump up to 1.6 million barrels per day of crude from Siberia to Russia's Far East and then onto China and the Asia-Pacific region.
Vostok Energy, set up for geological prospecting and crude refining and sales, was in competition with Surgutneftegaz, the United Oil Company, and Rosneft.
Rosneft, which holds a 51% stake in Vostok Energy and which is also the main supplier in the ESPO project, bought another site at the auction - Preobrazhensky - for 928 million rubles ($35 million). The site contains an estimated 72 million tons of oil (520 million bbl) and 70 billion cu m of natural gas.
The little-known Irkutsk Oil Company acquired the last site, Severomogdinsky for $13.2 million.
