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Lukoil mulls bidding for strategic oilfields
01.09.2010
Lukoil is currently considering participation in a tender for the development of the Trebs and Titov oilfields, the Russian oil giant's Vice President Leonid Fedun told journalists at a press briefing on the company's U.S. GAAP-based performance in H1 2010. He indicated that the company was interested in the asset, adding that Lukoil was already studying the terms of the tender.
In response to a question about whether Lukoil was poised to bid on its own or in cooperation with another company, Fedun stated, "Maybe we will do it on our own. The company's free cash flow would allow us to do so." At the same time, Lukoil is willing to discuss the matter with Gazprom Neft within the joint venture that has been formed.
The two oilfields will be offered in one lot during an auction on December 2. The license for their development will be granted for 25 years, including 5 years for a geological survey.
Participants in the tender for the development of the Trebs and Titov oilfields must make an advance payment of RUB 18.171bn (approx. USD 596m), or 100 percent of the initial payment, by October 25, according to the federal agency for subsoil resources (Rosnedra).
www.rbcnews.com
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