Sibneft To Investigate Siberian Reserves

Russian company Sibneft is likely to buy two oil and gas deposits for $31 million as it plans to explore for reserves in eastern Siberia.

Sibneft will explore the Srednetaimurinsky deposit in the Krasnoyarsk region, which may hold 1.2 billion barrels of oil resources and 430 billion cubic meters of gas, the company said Thursday in a statement.

It will also develop the Zimny field, with about 114 million barrels of crude, the company said.