The Russian government will hold a tender for the Trebs and Titov oil deposits in the north of the country in the fourth quarter of 2010, the government's website said on Thursday.
"The Federal Agency for Subsoil Use must approve the agenda of the tender committee and requirements for the content of the tender documents, send out notices on the tender before August 1, 2010, ... and conduct the tender in the fourth quarter," the statement said.
The Trebs and Titov oil deposits are among the most promising in the Timan-Pechora oil province, with reserves estimated at 78.9 million tons and 63.4 million tons of oil respectively to C1 category.
The government earlier approved tender terms for the Trebs and Titov oil deposits.
A source in a company interested in participation in the tender said that the government had proposed including a clause on the obligatory refining of oil from the deposits at local refineries in tender terms.
Natural Resources Minister Yuri Trutnev has said that an initial payment at the tender would amount to $500 million.
Rosneft, LUKOIL, Gazprom Neft, Bashneft and Zarubezhneft are interested in obtaining licenses for the deposits.