All rights to Trebs and Titov oilfields are transferred to LLC Bashneft- Polyus till 2036

The Federal Subsoil Resources Management Agency (Rosnedra) granted a licence for geological exploration, prospecting and production of hydrocarbons within a subsoil area including the R. Trebs and A. Titov oilfields in the Nenets Autonomous District to LLC Bashneft-Polyus, a joint venture of JSOC Bashneft and OJSC Lukoil. The licence is valid until February 2036, the press service of Bashneft informs.

Recall that in 2011 the license for these fields was received by JSOC Bashneft. In December 2011, it was transferred to LLC Bashneft- Polyus. However, in May 2012 Rosnedra canceled transfer of the license due to the fact that the company had no refining facilities. In November 2012 Bashneft reapply for recertifying LLC Bashneft -Polus.

The company reports that transfer of the licence was made possible after Rosnedra made amendments to the licence in March 2014 to avoid ambiguity in the interpretation of licence obligations.

Bashneft started oil extraction at R. Trebs and A. Titov oilfields in August 2013. Before the end of the year 291,000 tons of oil were received. Extraction is carried out in the mode of production test. Commercial operation is scheduled for 2016. The total recoverable oil reserves of commercial categories (C1 + C2) of Trebs and Titov oilfields constitute 140.1 million tons. The total project cost is estimated at 180 billion rubles.