Key Developments: NK Lukoil OAO (LKOH.MM)

LKOH.MM on Moscow Interbank Currency Exchange

15 Apr 2014
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Latest Key Developments (Source: Significant Developments)

ANK Bashneft' OAO and NK Lukoil OAO set up exploration joint venture-Interfax
Monday, 14 Apr 2014 11:10pm EDT 

ANK Bashneft' OAO:LLC Vostok NAO Oil Company was included in the list of the affiliates of Russian oil company Bashneft on April 11, Bashneft materials show-Interfax.Bashneft told Interfax that Vostok NAO is an equally owned joint venture between Bashneft and Lukoil that is being formed to conduct joint exploration at the companies' licensed blocks in the Nenets Autonomous District.The new company was registered at the beginning of April and it is planned to disclose the details about the JV's operations after each of its shareholders completes the necessary corporate procedures, a representative of Bashneft said.  Full Article

NK Lukoil OAO to sell 50 pct in Caspian Investment Resources Ltd
Monday, 14 Apr 2014 08:00pm EDT 

NK Lukoil OAO:Signs a purchase and sale agreement that allows the company to sell its 50 percent stake in the Caspian Investment Resources Ltd to China’s Sinopec.The total price of the shares for sale will be around $1.2 billion and will be subject to a number of adjustments as of the closing date.Caspian Investment Resources Ltd., through a number of joint ventures, owns various stakes in four hydrocarbon-production projects in Kazakhstan.LUKOIL’s share in commercial hydrocarbon production as part of the above projects equaled 10.2 million BOE in 2013.The transaction is meant to optimize LUKOIL’s overseas hydrocarbon asset portfolio.The complete closing of the transaction is expected before the end of 2014.At the same time, LUKOIL will continue to participate in Kazakhstan hydrocarbon-production projects, including Kumkol, Karachaganak and Tengiz projects.The company is also a member of the Caspian Pipeline Consortium.  Full Article

NK Lukoil OAO, Total SA sign memorandum on joint operations at Bazhenov suite in West Siberia-Interfax
Monday, 31 Mar 2014 02:02am EDT 

NK Lukoil OAO:Lukoil and French Total SA have signed a memorandum of cooperation on development of the Bazhenov suite in Western Siberia, Lukoil President Vagit Alekperov told journalists-Interfax.Lukoil plans to extract 100,000 tonnes of oil from the Bazhenov suite this year.Oil producers in Western Siberia are working intensively to develop the Bazhenov reserves, which are classified as difficult to extract.  Full Article

NK Lukoil OAO launches production at West Qurna-2 oil field in Iraq
Friday, 28 Mar 2014 08:00pm EDT 

NK Lukoil OAO:Starts commercial production at the West Qurna-2 oil field in Iraq.LUKOIL had reached the target production level of 120 thousand barrels per day (kbpd) on March 28.According to the Service Contract between LUKOIL and the Iraqi Government, the company must maintain that level of production for the next 90 days to begin receiving a return on its investments.The project is being implemented in three phases: Mishrif Early Oil (with a target production level of up to 400 kbpd), Mishrif Full Field Development (up to 550 kbpd) and Yamama Formation Development (up to 1.2 million barrels per day (mmbpd)).The production plateau will then be maintained at 1.2 mmbpd for 19.5 years.The Development and Production Service Contract for the West Qurna-2 field was signed on Jan. 31, 2010.The stakeholders are the South Oil Company of the Ministry of Oil of Iraq (on behalf of the state) and a consortium of contractors comprising LUKOIL (75 percent) and the Iraqi North Oil Company (25 percent).  Full Article

S&P revises outlooks on NK Rosneft' OAO, AK Transneft' OAO, NK Lukoil OAO and Gazprom OAO
Wednesday, 26 Mar 2014 10:41am EDT 

NK Rosneft' OAO:Standard & Poor's Ratings Services (S&P) said it revised its outlooks on Russian oil and gas companies NK Rosneft' OAO, AK Transneft' OAO, NK Lukoil OAO, and Gazprom OAO to negative from stable.S&P affirmed BBB/A-2 long- and short-term corporate credit ratings on Gazprom; BBB foreign currency and BBB+ local currency long-term corporate credit ratings on Transneft; BBB long-term corporate credit rating on Rosneft; BBB long-term corporate credit, ruAAA Russia national scale ratings on LUKoil.The outlook revisions follow S&P's recent revision of the outlook on the Russian Federation to negative from stable.In S&P view, the ratings on Gazprom, Rosneft, and Transneft cannot exceed that of their controlling shareholder, the Russian Federation.S&P view them as government-related entities (GREs) and believe that these GREs are key assets for the government in the oil and gas sector.S&P understands that the government actively influences their strategy through board representation, although their day-to-day operations are relatively autonomous.S&P ratings on these GREs factor in some uplift for extraordinary government support that the government would likely provide if needed.The ratings on LUKoil, which is privately owned, are constrained by the long-term sovereign rating.This is because, in S&P view, LUKoil is unlikely to withstand a sovereign default should one occur.  Full Article

Fitch revises NK Lukoil OAO outlook on sovereign action
Monday, 24 Mar 2014 09:56am EDT 

NK Lukoil OAO:Fitch Ratings (Fitch) has revised nine Russian corporates' outlooks, including NK Lukoil OAO, to negative from stable.The rating actions follow Fitch's revision of the Russian Federation's outlook to negative from stable and the affirmation of its long-term foreign and local currency Issuer Default Ratings (IDRs) at BBB on March 21.NK Lukoil OAO's long-term foreign and local currency IDRs have been affirmed at BBB.  Full Article

NK Lukoil OAO's subsidiary receives $200 million EBRD credit-Interfax
Thursday, 27 Feb 2014 03:21am EST 

NK Lukoil OAO:Lukoil Overseas, which operates Lukoil upstream projects abroad, has signed an agreement with the European Bank for Reconstruction and Development (EBRD) for the receipt of the second, $200 million tranche of a credit earlier issued for the Shah Deniz deposit project in Azerbaijan-Interfax.Lukoil said that the money will be put into the further Stage 1 development of the deposit with the use of existing production and transportation capacity.The financing is provided on a non-recourse basis for a term of five years at LIBOR plus 1.5 percent per annum.The total amount of the loan Lukoil received from the EBRD for the Shah Deniz project, including the initial 12-year credit agreement inked in 2005 is $380 million.  Full Article

NK Lukoil OAO starts production drilling at Imilorsko-Istochniy license area
Monday, 24 Feb 2014 07:00pm EST 

NK Lukoil OAO:Starts production drilling at the Imilorsko-Istochniy license area.The launch puts the company considerably ahead of schedule in the implementation of the Early Oil project at the Imilorsko-Istochniy license area.The original plan was to start production drilling at the site in Sep.LUKOIL expects to lift first oil ahead of schedule as well.By now, 23 kilometers of 426-mm oil pipelines, 42 kilometers of roads and a 74-m bridge across the Entl-Imiyagun River have been constructed, 4 well pads are under development, 3D seismic data is collected for an area exceeding 1.5 thousand sq. km.For purposes of follow-up exploration and study of the Imilorsko-Istochniy license area in the coming years additional seismic surveys will be performed at the site, 20 historic wildcat wells will be retested and 11 new wildcat wells will be drilled.  Full Article

NK Lukoil OAO signs cooperation agreement with Republic of Mordovia-Interfax
Monday, 24 Feb 2014 05:02am EST 

NK Lukoil OAO:Lukoil President Vagit Alekperov and Vladimir Volkov, head of the internal Russian republic of Mordovia, have signed a cooperation agreement-Interfax.Lukoil said in a press release that the agreement was designed to develop and improve the local fuel and energy sector and ensure steady fuel supplies to organizations, factories and homes.The republic, for its part, commits to ensuring a stable environment for investment projects and to facilitate, in the legislatively prescribed manner, the implementation of the company's long-term projects to build new and renovate existing fuel transportation, storage and distribution facilities.Mordovia has 26 Lukoil filling stations.The agreement expires on Dec. 31, 2018.  Full Article

NK Lukoil OAO wins auctions to three sections in Nenets autonomous district-Interfax
Wednesday, 5 Feb 2014 01:48am EST 

NK Rosneft' OAO:Rosneft has won the auction to one section in Nenets autonomous district and NK Lukoil OAO (Lukoil) has won the auctions to three sections, the administration of Nenets autonomous district said-Interfax.Rosneft won the rights to the Passedsky section with recoverable C1 reserves totaling 3.6 million tonnes.Lukoil subsidiary Lukoil-Komi won rights to three sections with C1 reserves totaling 4.4 million tonnes: Severo-Komandirshorsky (1.033 million tonnes), Zapadno-Komandishorsky (2.113 million tonnes) and Komandishorsky (1.276 million tonnes).The auctions were held on Jan. 30 and 31.The starting prices amounted to 511 million Russian rubles for Passedsky, 187 million Russian rubles for Severo-Komandishorsky, 302 million Russian rubles for Zapadno-Komandishorsky and 158 million Russian rubles for Komandishorsky.Auctions on two other sections were canceled because they both received just one bid, Lyzayusky with 2.5 million tonnes of D1 reserves and Ust-Tolotinsky with 0.7 million tonnes of recoverable reserves.Those auctions were held on Jan. 31.The starting prices were 27 million Russian rubles for Lyzayusky and 291 million Russian rubles for Ust-Tolotinsky.The auction results are not official until confirmed by subsurface resource agency Rosnedra.  Full Article

UPDATE 3-Russia's Lukoil begins output from giant Iraq oilfield

BASRA, Iraq, March 29 - Russia's Lukoil began commercial production from one of the world's largest untapped oilfields in Iraq on Saturday, as the country raises output to record levels.

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