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Lukoil ready to invest $300 million in Arctic Norway

I have never before felt this feeling of neighbourhood, leader of Lukoil Overseas says about his company’s establishment in Norway.

In an interview with television channel Rossiya-24, Andrei Kuzaev underlines that Lukoil will be ready to invest up to $300 million in case the company wins tenders on the Norwegian shelf.

The company, a branch of Russia’s second biggest oil producer, is very open about its plans in Norway. “We have not come here for the participation in any tenders, we have a clear picture about where and what to do”, the company leader stressed.

 “Our goal is the grey zone, which will open in 2014-2015, these are the territories we are preparing for”, he underlined. The tenders, which will take place this year, are “only the beginning”, he added

As previously reported, Lukoil has teamed up with the companies DNO, Lundin and North Energy in its bid for Norwegian licenses. For the company, which currently is restricted from engaging on the Russian shelf, the engagement in Norway is seen as a gateway to Arctic operations.

Together with its three partners, Lukoil aims at participating in the upcoming 22nd lincensing round. The tender includes 86 blocks, of which 72 are in the Barents Sea.

Lukoil in 2011 prequalified for operations on the Norwegian shelf and subsequently opened an office in the country. Lukoil became the first Russian company prequalified for shelf activities in Norway.

Lukoil from before has offshore experiences from the Caspian Sea. It also has experiences from the Pechora Sea, where it in 2008 opened its unique Varandey terminal.

 

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