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Lukoil set up JV with Bashneft

April 19/2011

(Lukoil) -- Lukoil and Bashneft, 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, Lukoil will purchase 25.1% of an 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 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 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 Naryanmarneftegaz (a joint-venture of 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.

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