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MOSCOW, January 23 (Itar-Tass) —— Creation of a joint venture with Bashneft at the Trebs and Titov fields will make it possible to develop LUKOIL’s deposits with reserves of 300 million barrels of oil equivalent, LUKOIL Vice-President Leonid Fedun said during a presentation of the project on Monday.
Those deposits are located in the close proximity to the fields of the joint venture and will be profitable only if they use infrastructure of the Trebs and Titov fields, Fedun explained.
In his words, LUKOIL paid 160 million U.S. dollars for a 25.1-percent stake in the Bashneft-Polyus joint venture, which owns a licence for the use of the territory that embraces the Roman Trebs and Anatoly Titov oil fields.
LUKOIL may return 60 million U.S. dollars owing to the sale to the JV of 29 exploration wells at the above-mentioned fields, Fedun said.
It is expected that 42 percent of oil production at the Trebs and Titov fields will be supplied to the domestic market (exchange operations), while the casing head gas from the fields will be used for the electricity generation for facilities at the LUKOIL’s fields of Southern Khylchui.