LUKOIL, ANK Banshneft to Develop Russian Oilfields

LUKOIL and ANK Bashneft have signed an agreement to establish a joint venture and develop the Roman Trebs and Anatoly Titov oilfields in Russia.

Under the terms of the agreement, LUKOIL will purchase 25.1% of an ANK Bashneft subsidiary, while the licence and subsoil use rights for the two fields will be re-issued in favour of the subsidiary.

The joint venture will buy from 29 exploration wells located in the licence area from LUKOIL.

Both firms also agreed to transport oil from Roman Trebs and Anatoly Titov fields through the Varandey oil export terminal, which is owned by LUKOIL, to the Barents Sea coast, where the crude will be loaded into tankers.

The parties will consider supplying the produced associated petroleum gas to the energy centre of the Yuzhnoye-Khylchuyu field, which is developed by Naryanmarneftegaz, a joint-venture of LUKOIL and ConocoPhillips.