Russia's Gazprom Neft has revealed a plan to proceed with further exploration of two large offshore blocks despite potential commercial implications brought on by US and European Union sanctions.

According to company’s tender disclosure notices, it is seeking contractors to collect 2D seismic data on the North Vrangelevsky and Kheysovsky blocks during this year's ice-free summer season.

The North Vrangelevsky block, measuring over 110,000 square kilometres, lies to the northwest of the Vrangel Island in the East Siberian Sea, while the Kheysovsky block covers an area of about 84,000 square kilometeres and lies to the west of the Novaya Zemlya archipelago.

Russian authorities issued exploration and development licences for the two blocks to Gazprom Neft in 2015, despite interest from fellow Russian player Rosneft for the North Vrangelevsky block.

Gazprom Neft now wants to gather a total of 7000 kilometres of 2D seismic data on the two assets, with additional 5000 kilometres declared as “optional work” for potential contractors.

Works on the blocks have to be completed before early December when the sea starts to freeze, the company said.

Although Gazprom Neft has yet to determine the areas on the blocks to be covered by 3D seismic and exploration drilling, their large scale commercial development is likely to be hindered by the ongoing US and EU sanctions against Russian offshore projects, in addition to high investment costs, according to industry observers in Moscow.

Introduced in 2014 in response to the Russian annexation of the Crimea Peninsula from Ukraine, the sanctions prohibit the participation of western companies in Russia’s offshore developments with water depth below 500 feet (152 metres).

Most area of the North Vrangelevsky and Kheysovsky blocks is understood to lie below that threshold.

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Gazprom Neft eyes work on potentially tricky blocks