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Lukoil, Bashneft May Lose Arctic Oil Fields License

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Lukoil, Bashneft May Lose Arctic Oil Fields License

MOSCOW - The Russian government may revoke a license to develop the giant Trebs and Titov oil deposits from a joint venture of Russian oil major OAO Lukoil Holdings and mid-sized oil producer OAO Bashneft, the minister for natural resources said Friday, Interfax reported.

Minister Yuri Trutnev said that the joint venture doesn't have oil-refining capacities, demanded by the license.

The joint venture "doesn't satisfy the conditions of the license and will lose it," he said, adding that if the joint venture is to lose the license, it will be returned to Bashneft.

In December 2010, Bashneft--majority-owned by conglomerate AFK Sistema, which in turn is controlled by Vladimir Yevtushenkov, a billionaire with close ties to the Kremlin--succeeded in gaining the right to develop the giant Trebs and Titov oilfields located in northwestern Russia ahead of bigger rivals, including Lukoil.

Lukoil signed a deal to jointly develop the fields with Bashneft in 2011.

Copyright (c) 2012 Dow Jones & Company, Inc.

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