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ANK Bashneft' OAO and NK Lukoil OAO establish JV

Wednesday, 14 May 2014 08:00pm EDT 

ANK Bashneft' OAO:Says that Bashneft and NK Lukoil OAO (Lukoil) have established a new joint venture (JV), LLC Vostok NAO Oil Company, to conduct geological exploration and prospecting and produce hydrocarbons at the companies' license areas in the Nenets Autonomous District.The JV, whose members, Bashneft and LLC Lukoil-Komi, have equal stakes, has been registered in the Nenets Autonomous District.Bashneft will transfer the subsoil licenses for the Vostochno-Padimeyskiy, Nyarioyakhskiy, Savatinskiy, Sabriyaginskiy and Yangareyskiy license areas to the JV, while LLC Lukoil-Komi will transfer the rights for the Verkhneyangareyskiy and Severo-Yareyaginskiy license areas.Taking into account the cost of licences for oil prospecting, exploration and production at the areas acquired by the members of the JV, Lukoil-Komi will make a contribution to the additional paid-in capital of LLC Vostok NAO Oil Company.Currently, the founders of Vostok NAO are conducting geological exploration at the above-mentioned areas under license agreements.The joint exploration and appraisal programme, which covers the seven license areas through 2017, includes 2D seismic surveys amounting to 1,100 linear kilometres and 3D seismic surveys covering 2,300 sq. km, envisions investments of about 5 billion Russian rubles.Exploration drilling is scheduled to begin in 2016. 

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