Proven recoverable reserves of oil in the field is around 2.2 million tonnes of conventional fuel.

Located 130 km south west of Anadyr City in the Chukchi autonomous area, the field is one of six licenses (three onshore, three offshore) which the company has spent US$70 million developing.

In a statement Sibneft said, “In the Verkhne-Telekaiski and nearby Verkhne-Echinski fields, the [company] is going to carry out 3D seismic prospecting. [We] will specify their structure and map out the further development strategy.”

Other projects in the pipeline for the region include the West Ozerny gas field, which has five billion cubic metres of recoverable reserves.