Indian-Russian oil major to be merged for Trebs and Titov oil fields.

By bne IntelliNews December 22, 2010
Multi-industrial major AFKSistema announced merging its oil assets (Bashneft and Russneft oil companies) with Indian Imperial Energy controlling oil and gas company ONGC, in order to start exploration and extraction of Trebs and Titov oil fields. To remind, Russian oil company Bashneft won a state tender on exploration of two strategic fields holding more that 250mn tons of oil of various blends. Sistema is going to merge 49% of Russneft and an undisclosed stake in Bashneft to the joint venture with 100% of Imperial Energy. Imperial Energy's ONGC also participated in the tender, along with SurgutNefteGaz, Lukoil, TNK-BP, and Gazprom Neft. After winning the tender BashNeft announced its plans to invite largest Russian oil company state-controlled Rosneft and largest independent oil company Lukoil to exploring the fields. Bashneft estimated the investment needed to explore the two fields at USD 5bn-USD 6bn and employment of Rosneft and Lukoil infrastructure and expertise could save the company USD 2bn.

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