Lukoil, Rosneft yet to agree on raising Trebs, Titov output

MOSCOW, Nov 27 (PRIME) -- Russian oil majors Rosneft and Lukoil are yet to agree on an increase of oil output of their jointly owned deposits of Trebs and Titov, Lukoil Vice President for Exploration and Development Ilya Mandrik told reporters on Tuesday.

“Our share there is only 25%, so the final word is for Bashneft and Rosneft to say. The process is under discussion, and no final decisions have been made as far as I am aware,” he said.

Rosneft’s subsidiary Bashneft owns 74.9% in Bashneft-Polyus, the operator of the Trebs and Titov project. Bashneft approved its development strategy that encompasses the Trebs and Titov project reaching the peak annual production of oil amounting to 4.8 million in 2019. But Lukoil CEO said in late 2017 that the project’s production in 2018 will stand at only 2 million tonnes.

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