Lukoil, Bashneft Start Oil Production at Trebs/Titov Fields

Lukoil and ANK Bashneft joint venture Bashneft Polus has begun oil production as part of the development of the Trebs and Titov fields in the Nenets Autonomous District of northern Russia, Lukoil reported Tuesday.

Test production is underway and is expected to produce 2.2 million barrels (300,000 tons) of oil by the end of 2013.

Oil produce at the Trebs field is supplied via a pipeline to the Varandey oil delivery and acceptance station and then on to the Varandey Oil Export Terminal. As required by the license agreement, a volume of oil equivalent to 42 percent of the crude produced will be supplied to Bashneft's refineries in Ufa for refining.

Lukoil said that Bashneft-Polus is currently continuing with its exploration program to revise the geology and hydrocarbon reserves of the Trebs and Titov fields. It has reactivated 12 wells, and drilled and tested another three exploration wells. It is currently drilling two more exploration wells and has completed 3D seismic surveys over the area.

Bashneft-Polus is also preparing for the commercial operation of the Trebs and Titov fields. In May of 2013, it commenced development drilling on three well pads at the Trebs and two well pads at the Titov, where a total of 16 producing wells are expected to be drilled.

The first commercial production at the Trebs and Titov fields is scheduled for 2016. The total project cost is estimated at $5.4 billion, said Lukoil.

"The Trebs and Titov development project fits well into the company's strategic plans to build up production of hydrocarbons in Timan-Pechora oil-and-gas province and increase its exports through the Varandey Terminal. The field's first oil proved that the ongoing cooperation in the form of Bashneft-Polus is highly efficient," Lukoil President Vagit Alekperov said in a company statement.

Bashneft President Alexander Korsik added:

"Acting in full accordance with the previously announced schedules and within the timelines that are unprecedented for projects of such a scale, we managed to create the required infrastructure and started oil production in the Nenets Autonomous Okrug.

"It is yet more proof of how highly qualified our team is, of its vast experience in the implementation of large-scale projects outside of the conventional regions of Bashneft's operations and also of the high level of interaction with our partner, Lukoil."



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