The development of one of the biggest remaining fields in the Timan-Pechora province moves closer.
Lukoil will invest $1.3 billion in the development of the Titov and Trebs fields, company Vice President Leonid Fedun revealed in a meeting this week. The company, Russia´s biggest privately owned oil firm, in December 2011 teamed up with license holder Bashneft in the project.According to the agreement between the companies signed late last year, Lukoil will get 25,1 percent of the licenses for a sum of 4.7 billion RUB. At the same time, Bashneft acquired 29 exploration wells from Lukoil subsidiary Lukoil-Komi for 60 million RUB, RIA Novosti reports. As previously reported, Bashneft in early 2011 won the tender to the two fields prospective fields. The company paid more than 18 billion RUB for the fields which hold respectively 78,9 and 63,4 million tons of oil. While Bashneft is new in the Timan-Pechora Province, Lukoil is heavily engaged in the region both with regard production facilities and infrastructure. It was expected that Bashneft would have to team up with Lukoil to be able to successfully develop the projects. With the alliance with Lukoil, Bashneft will probalbly be able to apply the former´s both pipelines and port infrastructure in Varandey on the Pechora Sea coast.