Lukoil and Bashneft determined development plans of two JVs in Nenets Autonomous Area

A JV of Lukoil OJSC and Bashneft OJSC – “Oil company Vostok NAO” (Lukoil – 50%, Bashneft – 50%) has made a presentation of the development plan in the Nenets Autonomous Area. The press service of Lukoil reports.

The agreement on the forming a JV was signed by the companies-partners in March 2014.

There was also a presentation of the current status and perspectives of the project of another JV of Lukoil and Bashneft – Bashneft-polyus Ltd (Lukoil – 25.1%, Bashneft – 74.9%) which holds the license for the development of the Trebs and Titov deposits. The respective infrastructure at them and the production start were carried out within 2.5 years (2011-2013) – this is unprecedented for a project started in such a short period. On the results of 2013 the production volume made up almost 300 thousand tons of oil.