Lukoil outbids Rosneft for Western Siberia oilfields

12/25/2012

Lukoil outbids Rosneft for Western Siberia oilfields 

MOSCOW -- Russia's Lukoil has outbid Rosneft and Gazpromneft-Noyabrskneftegaz at an auction for Siberian oilfields.

Lukoil, the country's second-biggest oil producer by output, will pay 50.8 billion rubles ($1.66 billion) for the Imlorskoye, West Imlorskoye and Istochnoye fields.

Imilorskoye field is located in close proximity to Tevlinsko-Russkinskoye field, the largest one Lukoil is developing. Geologically, the two fields are close analogs. The area where Imilorskoye field possesses all the necessary production and transportation infrastructures, which makes it possible to develop it fairly quickly.

About 30% of the oil production from the two fields will be transported to Lukoil's Perm refinery.

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