Bashneft and Lukoil start exploration

Lukoil and Bashneft are going to create a new joint venture on parity basis in the Nenets autonomous district (NAO) – The oil company Vostok NAO. The joint venture will be engaged in geological exploration at the companies’ licensed sites in the region (seven sites at the stage of geological exploration). The joint venture will become the second joint project of the oil companies in the region: at the end of 2011 they created a joint venture for development of the Trebs and Titov fields Bashneft-Polyus.