LUKOIL, Russia's No.2 crude producer, is vying to bid for rights to tap Norway's vast offshore oil riches jointly with Det norske, Lundin Petroleum and North Energy, a LUKOIL official told reporters on Thursday.
Andrei Kuzyayev, head of LUKOIL Overseas, also said LUKOIL would increase investments in foreign projects next year by almost 60 percent to $5.5 billion.
LUKOIL last year was prequalified as an operator in Norway's offshore areas, opening the door to licensing rounds that could add to the Russian oil company's growing international portfolio. It seeks to offset a decline in crude production at its depleted oil fields in Siberia.
"In December, we will take part in the 22nd round (to bid) for development of hydrocarbon blocks jointly with two Norwegian companies Det norske, (and) North Energy and Swedish company Lundin," Andrei Kuzyayev, head of LUKOIL Overseas, told reporters.
He said LUKOIL would create separate alliances with each of the three companies to bid for the licences and that it had set aside $300 million for possible Norwegian offshore investments in 2014-2016.
Russian oil companies, especially those without state participation and therefore barred from holding major licences to drill in Russia's own Arctic waters, are expanding abroad to help compensate for declining output in Siberia.
LUKOIL has been gradually building an upstream portfolio in Iraq and Africa and acquiring downstream stakes in Europe.
Kuzyayev also said LUKOIL aimed to increase the percentage of its overall oil output that comes from foreign projects to 20 percent by 2015 from 10 percent currently.
Copyright 2012, World Oil. All rights received.
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Source: http://www.oilandgaseurasia.com/news/p/0/news/16542/
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