Bashneft may offer ONGC Arctic Field access as spending starts
Release Date: 0000-00-00
OAO Bashneft, controlled by Russian billionaire Vladimir Yevtushenkov’s AFK Sistema, may offer Oil and Natural Gas Corp. access to Russian arctic oil fields in exchange for assets as development spending starts. Bashneft is reviewing a number of ONGC assets to take in exchange for access to the Trebs and Titov deposits, slated to start output in 2013, Bashneft President Alexander Korsik told reporters in Moscow.
Bashneft won a state tender for the deposits last year for 18.5 billion rubles (US $626 million) after all other contestants were disqualified including OAO Lukoil, Russia’s second-largest oil producer. Bashneft sold Lukoil a 25 per cent stake in the project in April for 4.7 billion rubles. ONGC is considering buying a stake in Bashneft with a group of Indian companies, Bashneft Chairman Alexander Goncharuk said in June.
Bashneft will spend 4.5 billion rubles developing the Trebs and Titov deposits this year and 9 billion next year, Alexander Dashevsky, Bashneft vice president for production, told journalists. Lukoil will add to that investment in proportion to its share, he said.
Net income rose 44 percent to US $532 million in the three months ended June from the previous quarter, Bashneft said today in an e-mailed statement. That beat the average estimate of US $424 million from four analysts surveyed by Bloomberg News. Revenue rose 30 percent to US $4.52 billion, the company said.
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