Lukoil to Invest $1.3 Billion in Arctic Venture With Bashneft

OAO Lukoil, Russia’s second-largest oil producer, expects to invest about $1.3 billion from 2012 to 2022 in its Arctic venture with OAO Bashneft.

Lukoil, which in December bought a 25 percent stake in the project to develop the Trebs and Titov oil fields in northern Russia from Bashneft, expects the deposits to produce 228 million barrels of crude over the next decade, Deputy Chief Executive Officer Leonid Fedun said today on a conference call.

The infrastructure developed at Trebs and Titov will help Lukoil develop its smaller licenses in the region, he said.

“Thanks to this project we can successfully start production at fields located near Trebs and Titov,” Fedun said. “There are several that on their own, without the infrastructure that will be created, would be inaccessible.”

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