Russia’s LUKOIL Awarded Two Licenses in the Barents Sea

Based on the results of the 22nd licensing round conducted by the Norwegian Ministry of Oil and Energy, Russian oil company LUKOIL was awarded two licenses in the Norwegian sector of the Barents Sea.

These licenses are:

– Block 719 (Fingerdjupet Region) with LUKOIL holding a 30% interest, Centrica – 50% interest (operator) and North Energy – 20% interest.

– Block 708 (Finnmark Region) with LUKOIL holding a 20% interest, Lundin Norway – 40% interest (operator), North Energy – 20% interest and Edison – 20% interest.

LUKOIL was pre-qualified to participate and operate on the Norwegian continental shelf in 2011 and in 2012 established LUKOIL Overseas North Shelf AS in the Oslo. This company will manage upstream projects on the Norwegian shelf during the whole cycle of hydrocarbon exploration and production.

[mappress]

Press Release, June 14, 2013