Gulf Oil and Gas accountACCOUNT

Lukoil & Bashneft Set up JV for Trebs & Titov Fields

Source: www.gulfoilandgas.com 4/15/2011, Location: Asia

OAO LUKOIL and OAO ANK Bashneft (principal shareholder - Sistema JSFC), signed an agreement in Moscow to establish a joint venture and stipulate conditions for the development of two fields named after Roman Trebs and Anatoly Titov.

According to the agreement, OAO LUKOIL will purchase 25.1% of an ANK Bashneft subsidiary, while the license and subsoil use rights for R.Trebs and A.Titov fields will be re-issued in favor of this subsidiary. In its turn, the joint venture will purchase from OAO LUKOIL 29 exploration wells located in the license area.

The parties also agreed to transport the oil from R.Trebs and A.Titov fields via the Varandey Oil Export Terminal owned by OAO LUKOIL to the Barents Sea coast, where the crude will be loaded into tankers.

The parties will consider supplying the produced associated petroleum gas to the energy centre of the Yuzhnoye-Khylchuyu field, which is developed by OOO Naryanmarneftegaz (a joint-venture of OAO LUKOIL - 70% and ConocoPhillips - 30%). The associated petroleum gas will be used for generation of electric power to support the activities of the production units at R.Trebs and A.Titov fields.

In February of 2011, OAO ANK Bashneft obtained a license for a federal-level site of subsurface resources, including R.Trebs and A.Titov oil fields, for a term of 25 years. The license area, 2,151 square kilometers in size, is located in the Nenets Autonomous District. The total recoverable oil reserves of commercial categories (C1+C2) located within the license areas of R.Trebs and A.Titov fields, as booked in the state balance sheet, reach 140.1 million tons.

Acquisitions and Divestitures News in Russia >>

Australia >>  4/3/2020 - Oilex Ltd is pleased to announce that the date for the satisfaction of the conditions precedent in regard to the acquisition of 27 Petroleum Retention...
United States >>  4/1/2020 - Maha Energy AB (“Maha”) is pleased to announce that its wholly owned subsidiary Maha Energy (US) Inc (“Maha US”) has entered into an agreement to acqu...

Brazil >>  3/31/2020 - Petrobras, following up on the release dated 02/27/2020, announces the beginning of the binding phase referring to the sale of all its equity interest...
Cameroon >>  3/30/2020 - Tower Resources plc, the AIM-listed oil and gas company with its focus on Africa, is pleased to announce updates in respect of its Thali Production Sh...

Canada >>  3/30/2020 - As announced on 18 December 2019, the acquisition of the Wizard Lake assets would proceed in stages. Stage 1 was completed on 23 December 2019 with SB...
United States >>  3/30/2020 - Given current market conditions, Shell announces it will not proceed with an equity interest in the proposed Lake Charles LNG project. Accordingly, En...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 |

Oil & Gas Projects in Russia >>

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KH KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.