Lukoil Buys 25.1% Stake in Trebs, Titov Project

MOSCOW (Dow Jones Newswires), Apr. 15, 2011

Lukoil has agreed to buy a 25.1% stake in the Trebs and Titov exploration project in northwest Russia from mid-sized oil company Bashneft.

Lukoil paid RUB4.7 billion ($166.7 million) for the stake in the project, which needs investment of $6 billion, Lukoil's Chief Executive Vagit Alekperov said.

Lukoil expects first oil from Trebs and Titov in the fourth quarter 2013 or the first quarter 2014, he said.

Bashneft, which is majority-owned by conglomerate AFK Sistema, last year won the right to develop the Trebs and Titov oil fields ahead of bigger rivals such as Lukoil and TNK-BP Ltd.

Last year's auction for the Trebs and Titov fields, which combined hold 1.5 billion barrels of oil, was mired in controversy after bidders were told by authorities they couldn't bid because of incorrectly-filed applications.

Copyright (c) 2011 Dow Jones & Company, Inc.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Manager, Probabilistic Risk Analysis Job
Expertise: Business Development|Research & Development|Technical Manager
Location: Minneapolis, MN
Project Controls Specialist
Expertise: Project Management
Location: Minneapolis
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: West Sacramento, CA
search for more jobs

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours