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.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Transneft: Oil Supplies to Lukoil's Norsi Refinery Suspended Due to Fire (Oct 05)
- Russia's Lukoil Eyes Decade Of Oil Output Growth (Sep 20)
- Lukoil Finds Oil at Iraq Well (Feb 22)
Company: Bashneft more info
- Russian Court Orders Sistema To Pay Rosneft $2.3B In Damages (Aug 23)
- Russia's Lukoil CEO Sees No Risk For Bashneft Sale From Ulyukayev's Case (Nov 15)
- Russia's Rosneft Says Seeking Permission To Buy 100% Of Bashneft (Oct 28)