In the near future LUKOIL intends to build Varandeisky offshore fixed sleet proof oil export terminal within the bounds of the Medynsko-Varandeisky license area of Arktikshelfneftegaz and develop an oil export offshore transportation-process system comparable by its content and technical parameters with that of Arktikshelfneftegaz.
Arktikshelfneftegaz holds licenses for petroleum exploration and hydrocarbons production in the Medynsko-Varandeisky, Pomorsky and Kolokolmorsky license areas of the Barents Sea shelf, and it has been working over a conceptual model of upgrade, development and operating of those fields.
Based on the signed Protocol of intentions, the following issues may be subject for the Parties' consideration:
"Cooperation of our companies seems to be very prospective, considering the fact that LUKOIL and Arktikshelfneftegaz have vast experiences in the oil and gas fields development and transportation infrastructure construction" Ravil Maganov, OAO LUKOIL First Vice-president, said.
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