Source Pravda.Ru

Russia to begin development of its largest oil fields

In Russia's Nenetsk Autonomous District, the development of several large oil fields is about to be launched. The joint venture of Bashneft and Lukoil - Bashneft-Polus - has started to extract oil in the oil fields of Trebs and Titov, albeit in a trial mode. By the end of 2013, the company plans to increase the total production capacity to 300,000 tons of hydrocarbons. Afterwards, oil will be shipped to the Varandeisky oil export terminal on the coast of the Barents Sea.

In 2016, Bashneft-Polyus is going to exploit these major oil fields in industrial scale. By 2020, the level of oil production should reach 4.8 million tons a year. The total cost of the development of oil deposits is estimated at 180 billion rubles. 

The deposits, named after Trebs and Titov are one of the largest in Russia. They were discovered in 1987-1989 and named in honor of the founder of the Varandeisky geological expedition, Roman Trebs, and Honored Geologist of the RSFSR, Anatoly Titov.