Both the Trebs and Titov deposits on the Nenets tundra are located near LUKoil’s Varandei export terminal on the Barents Sea.
LUKoil’s CEO Vagit Alekperov said in an interview with Bloomberg that the Russian state should offer more licenses domestically.
The government should offer large fields that can be rapidly developed in tenders to attract investors Russian and otherwise, Alekperov said according to The Moscow Times.
LUKoil is not the only company to bid for the lucrative licences. Three years ago state owned Rosneft they wanted to expand in the region by bidding for licenses to develop the potentially huge Trebs and Titov deposits.
According to The Sunday Times LUKoil controls an estimated 750 million tonnes of recoverable reserves across the Nenets region, while Rosneft had only 84 million tonnes.
