Bashneft boosts exports through Arctic waters

Three million tons of oil has been produced at the two Arctic fields of Trebs and Titov, company Bashneft informed this week. Of that, almost 60 percent is pipelined to the Varandey terminal on the Pechora Sea coast, from where it is shipped to the world markets.

The two fields came into production in August 2013. They together hold about 140 million tons of oil resources.

In 2016, more than two million tons will be produced at Trebs and Titov, Bashneft Vice President Mikhail Stavsky said during a visit to Naryan-Mar this week. An additional 25 billion rubles will be invested in the fields in the course of the year, he added, a press release from the regional government of the Nenets Autonomous Okrug reads.

The Trebs and Titov fields are developed by Bashneft-Polyus, a company owned by Bashneft (74,9%) and Lukoil (25,1%).

Together with higher regional production from Lukoil, the biggest oil company in the area, the Trebs and Titov fields explain the growing volumes of oil shipped out through the Varandey terminal. In 2015, oil exports from Varandey increased by 12 percent to a total of 6,6 million tons.