MOSCOW, July 5 - RAPSI. Bashneft oil company has appealed against the judgment dismissing its minority shareholders’ lawsuit over the Trebs and Titov oil fields. Shareholders claimed to reverse the mineral resource regulator’s order to transfer the license to the oil fields to Bashneft-Polyus.
The watchdog revoked the license on May 18. At the end of the month, LUKOIL stated its intent to challenge the revocation in court. It was later reported that both companies sent a letter to Prime Minister Dmitry Medvedev, asking him to reinstate Bashneft-Polyus' right to develop the field.
The Trebs and Titov oil fields in the Timan-Pechora Basin in the Nenets Autonomous District are considered highly prospective. Their C1 reserves are estimated at 78.9 million and 63.4 million tonnes of oil, respectively. Bashneft won the license tender by offering 18.476 billion rubles ($567 million). The starting price was 18.171 billion ruble ($557 million).
Bashneft and LUKoil jointly set up Bashneft-Polyus to explore and develop the deposits.