OREANDA-NEWS. September 21, 2010. Last week, 5 large Russian oil and gas companies – LUKOIL, TNK-BP (acting via its subsidiary Samotlorneftegaz), Gazprom neft, Surgut and Bashneft – revealed plans to participate in a license tender for the Trebs and Titov greenfields. Reportedly, they have already submitted all the required documents to the Federal Agency on Use of Subsoil Resources (Rosnedra). Rosneft President Eduard Khudainatov told journalists that the company would announce its decision with respect to the Trebs and Titov tender participation, reported the press-centre of OTKRITIE Financial Corporation.

According to the conditions of the tender, companies wishing to join the contest are required to file bids by 16:00 (Moscow time) on 20 September. Participants will then need to file their proposals on developing the Trebs and Titov fields with Rosnedra within 40 days. The tender is supposed to be closed, with the winner to be announced on 2 December. The minimum price for the joint license on the Trebs and Titov fields was set at RUB18.171bn (USD0.59bn). According to Rosnedra, the fields contain 90MMt (665MMBBL) of C1 and 50MMt (367MMBBL) of C2 oil reserves. In addition, the fields have 59MMt of C3 and 70MMt of D1 oil resources.

View: We expect Rosneft to join the competition, and believe that Rosneft and LUKOIL have the best chances to win the tender, particularly since both companies already have production and transportation infrastructure located in the Nenets region, that is, in proximity to the Trebs and Titov oil fields.