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Lukoil, Bashneft win new Nenets licenses

Photo: Lukoil-Komi

Additional resources bring the two oil companies closer together in the Timan Pechora province.

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Lukoil-Komi, the regional subsidiary of Lukoil, won Tuesday´s auction on the Verkhneyangareyski field, while Bashneft won the Yangareyski and Sabriyanski fields. The field licenses were obtained at a price far beyond the auction starting prices.

While Lukoil won the Verkhneyangareyski license for a price of 1.83 billion RUB, 121 times higher than the starting price, Bashneft won its two licenses for 2.7 billion RUB and 1.8 billion RUB, respectively 93 and 600 times higher than the starting price, Oilru.com reports.

The new licenses will bring the two companies closer together in the oil-rich Timan-Pechora province. From before Lukoil and Bashneft cooperate closely over the development of the Titov and Trebs fields and a joint venture was in 2011 established in the project.

Read alsoBashneft teams up with Lukoil in Nenets

A deal signed last year gives Lukoil a 25,1 percent share of the project, while Bashneft in return gets 29 wells from Lukoil.

Read also: Oil companies join efforts in Timan Pechora

Lukoil manages several major fields in the Timan-Pechora province and has developed key infrastructure objects, among them the pipeline from the Yuzhno-Khilchuyu field and the port terminal of Varandey.