Russia’s Lukoil to invest $1.3 bln in Trebs, Titov fields by ‘22

MOSCOW, Jan 23 (PRIME) -- Russia’s largest private oil firm Lukoil plans to invest U.S. 1.3 billion into the giant Trebs and Titov oil fields by 2022, Vice President Leonid Fedun said on Monday.

The amount of Lukoil’s investments will correspond to its 25.1% share in the project, Fedun told a conference call.

He said that the Trebs and Titov partners have already agreed to the terms and investment volumes of the project, which will be announced later in a joint conference.

“The income from this project will be higher than average in Russia,” Fedun added.

The recoverable reserves of the Trebs field are estimated at 82.469 million tonnes of oil, while the recoverable reserves of the Titov field are estimated at 57.590 million tonnes of oil under C1 and C2 categories.

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