Lukoil, Bashneft Define Plans to Develop Two JVs in the Nenets Autonomous District

The Lukoil and Bashneft JV – VOSTOK NAO oil company presented its plans for development in the Nenets Autonomous District, Lukoil press service reports.

The contract establishing the JV was signed by the partner companies in March 2014.

Also, another Lukoil and Bashneft JV (25.1 and 74.9 percent, respectively) – Bashineft-Polus presented the current status and prospects of its project. This JV holds a license for the Trebs and Titov fields. The relevant infrastructure was built and production commenced in 2.5 years (2011–2013) – an unprecedented term for such projects. According to 2013 results, the production volume reached nearly 300,000 tons of oil.

The acting governor of the Nenets Autonomous District Igor Koshin and general director of Bashneft Polus Vladimir Nesterenko signed a protocol to the cooperation agreement for 2014.  Azat Shamsuarov, LUKOIL senior vice president for oil and gas production, and Mikhail Stavsky, the first vice president of Bashneft for exploration and production, took part in the ceremony.

Source: Oil and Gas Information Agency , 2014