Bloomberg News

Bashneft, Lukoil Appeal Withdrawal of North Russia Field Rights

June 13, 2012

OAO Bashneft and OAO Lukoil’s Bashneft-Polyus venture appealed a decision by Russia’s subsoil agency, Rosnedra, to revoke development rights at the Trebs and Titov oilfields in northern Russia.

Moscow’s Arbitration Court will hear the case on June 28, according to a posting on its website. Rosnedra had canceled an order that allowed Bashneft to transfer the field licenses to its venture with Lukoil, Bashneft said in a May 22 statement.

Bashneft set up Bashneft-Polyus to develop the licenses and agreed to sell Lukoil 25 percent of the venture for 4.77 billion rubles ($146 million) last year. Lukoil agreed to sell 29 wells at the deposits to the venture for $60 million.

To contact the reporter on this story: Stephen Bierman in Moscow at sbierman1@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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