Kamaz to supply at least 1,000 trucks to Philippines by 2020Business & Economy May 29, 21:49
Moscow ready to offer clarifications over incident with Montenegrin MPRussian Politics & Diplomacy May 29, 21:09
Moscow mayor says Monday's hurricane in Moscow 'unprecedented'Society & Culture May 29, 20:56
Moldovan president slams government’s decision to expel Russian diplomatsWorld May 29, 20:52
Macron lashes out at Russian news agency Sputnik, RT channel over campaign coverageWorld May 29, 20:11
Macron says no international problem can be solved without RussiaWorld May 29, 19:51
Putin: Russian and French fundamental interests come firstRussian Politics & Diplomacy May 29, 19:34
Hollywood director highlights his esteem for Russia’s presidentSociety & Culture May 29, 19:18
Death toll following Moscow thunderstorms rises to 11World May 29, 19:02
NARYAN-MAR (Nentsy Autonomous Area), November 8 (Itar-Tass) - The joint venture of Bashneft and LUKOIL (two Russia’s oil giants), Bashneft Polyus, plans to produce 900,000 tonnes of oil at the Trebs oil field next year, Bashneft Head Alexander Korsik told a news conference devoted to the field’s commissioning.
According to expert estimates, it will be quite realistic to produce 4.5-5.0 million tonnes of oil a year in future. Investments in the development of the Trebs and Titov fields have already reached 20 billion roubles (USD 1 = RUB 30.56) plus an 18-billion-rouble one-off payment for obtaining a license by the start of the pilot operation.
Bashneft Polyus plans to invest another 150 billion roubles in the field.
According to LUKOIL CEO Vagit Alekperov, whose company owns a 25-percent stake in the joint venture, the present-day capacities of the Varandei export terminal are sufficient to support oil exports both from LUKOIL’s fields and the Trebs and Titov deposits. There are no plans to expand the Varandei terminal capacities, Alekperov said.
Korsik, in turn, said that Bashneft holds geological surveys on the newly purchased blocks in Timano-Pechora. He does not rule out that his company will develop these fields jointly with LUKOIL.
Bashneft got the license for the development of the Trebs and Titov fields in the spring of 2011. Later, Bashneft and LUKOIL created a joint venture called Bashneft-Polyus for the development of the fields.
The Trebs and Titov fields are the most promising hydrocarbon-bearing territories not only in the Timano-Pechora province but elsewhere in Russia. Its overall recoverable reserves were estimated under Russia’s classification (C1 + C2 categories) and were put on state balance in the early 1990s. They are estimated at 140 million tonnes.