Project Profile
Location: Russia’s western Arctic
Oil reserves: 1.1 billion barrels
Recoverable reserves: 78.1 million tonnes
Start-up: August 2013
Trebs and Titov oil fields is a complex of Arctic oil fields in the Timan-Pechora Basin in Nenets Autonomous Okrug, Russia. The two fields came into production in August 2013. Oil fields have around 1.1 billion barrels (170×106 m3) of estimated oil reserves. Recoverable reserves are 78.1 million tonnes in the Trebs field and 132.8 million tonnes in the Titov field. In 2006, the Trebs and Titov fields were designated as \"strategic fields\". The license for development of these fields was auctioned in 2010. Although initial interest was shown by Lukoil, TNK-BP, Gazprom Neft, Surgutneftegaz, Bashneft, and ONGC, the final bid was made only by Bashneft. The licence was issued to Bashneft on 2 December 2010. On 15 April 2011, Lukoil agreed to acquire 25.1% stake in the project.
Operators:
Bashneft: Operator with 74.9% interest
Lukoil: 25.1% interest