LUKoil to invest in Arctic venture with Bashneft

Jan 23, 2012 12:00 AM

LUKoil, Russia’s second-largest oil producer, expects to invest about $ 1.3 bn from 2012 to 2022 in its Arctic venture with Bashneft.
LUKoil, which in December bought a 25 % stake in the project to develop the Trebs and Titov oil fields in northern Russia from Bashneft, expects the deposits to produce 228 mm barrels of crude over the next decade, Deputy Chief Executive Officer Leonid Fedun said.

The infrastructure developed at Trebs and Titov will help LUKoil develop its smaller licenses in the region, he said.
“Thanks to this project we can successfully start production at fields located near Trebs and Titov,” Fedun said. “There are several that on their own, without the infrastructure that will be created, would be inaccessible.”

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