Bashneft, Lukoil appeal invalidation of Trebs-Titov license re-registration
MOSCOW. Dec 15 (Interfax) - Bashneft and Lukoil have filed an appeal in Moscow Arbitration Court seeking to reverse a court ruling that invalidated the re-registration of the Trebs and Titov oil fields to a joint venture between the two oil majors.
On December 3, the court had deemed Russian subsurface resource agency Rosnedra's actions to re-register the license to Titov-Trebs in the name of the Bashneft-Polyus joint venture to have been unlawful, granting in part a suit brought by Bashneft minority shareholder Riley Inozemtseva regarding the license to the company's biggest asset.
Inozemtseva's was the second lawsuit to be filed against re-registration of the Trebs-Titov license.
Bashneft-Polyus launched oil production at Trebs-Titov in August 2013, producing a total of 291,000 tonnes last year and targeting production of 900,000 tonnes this year. Commercial production is slated to commence in 2016, with output rising to a plateau of 4.8 million tonnes a year by 2020.
Recoverable (C1+C2) oil reserves at Trebs-Titov total 140.1 million tonnes, according to the state balance of reserves.