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Russia to sell off Trebs, Titov strategic oil fields

Tags: Gazpromneft, LUKoil, oil, Business, Russia, News
 
Mar 18, 2010 12:34 Moscow Time
Photo: EPA
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Russia is putting for sale its first strategic oil fields with combined reserves exceeding 200 million tons. The Kommersant newspaper reports, a tender will be announced for the Roman Trebs and Anatoly Titov deposits in the Nenets Autonomous Region with Rosneft and Lukoil oil majors among potential bidders. Analysts say Lukoil may bid jointly with Gazpromneft. It’s unclear whether the Natural Resources Ministry will sell the fields in one basket or as two separate lots. Trebs is Russia’s largest prospected oil field. The two deposits were put for sale in 2005 but failed to attract bidders. Early last year, they were tagged strategic and included into the national reserve fund. In 2009, Russia extracted 494.2 million tons of crude, compared with 488.1 million in 2008.

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