Russia’s Bashneft signs $800 million contract for oil delivery from giant Arctic deposit

Dec 30, 2014 12:00 AM

Bashneft Polyus, a joint venture of Russian oil firm Bashneft with the country’s largest privately-held oil producer Lukoil, has signed a contract worth over $800 million for oil supplies from a major Arctic deposit, Bashneft said on Tuesday.

The contract worth $898 million for oil supplies has been signed for twelve months until December 31, 2015.

Bashneft Polyus intends to produce 900,000 tons of oil at the Trebs deposit next year. Eventually, oil extraction at the deposit will reach 4.5-5 million tons annually.

Bashneft won a tender in 2010 to develop the giant Trebs and Titov deposits in the Russian Arctic with reserves of 140 million tons and later involved LuKoil as a partner in the project.

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