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History. 2011

LUKOIL Opens Russia's First Corporate Training Center to Train Offshore Oil Industry Personnel

Russia’s first corporate training center to train personnel for offshore oil and gas facilities opened in Ilyinka settlement of Astrakhan Oblast. It is located in the immediate proximity of the multi-purpose transportation and production base intended for maintenance and service of offshore oil and gas production facilities in the northern part of the Caspian Sea, and can train up to 2,500 people per annum. Set up of a specialized corporate training center was conditioned by the development prospects of the Northern Caspian Sea offshore fields and an increase in international offshore projects the Company is involved in.

ConocoPhillips Withdraws from LUKOIL

ConocoPhillips fully withdrew from PJSC LUKOIL by selling the remaining Company shares on the open market. At year-end 2008 ConocoPhillips resolved to sell its interest in PJSC LUKOIL to raise the funds that were required to pay its debt and buy back its own shares. In August 2010, as part of its program aimed at improving its investment appeal and market capitalization, PJSC LUKOIL bought back around 8% of its own shares from ConocoPhillips for USD 3.44 billion. ConocoPhillips purchased a 7.6% stake in PJSC LUKOIL in 2004 as part of the last stage of the Company’s privatization. In 2006, ConocoPhillips increased its interest in PJSC LUKOIL up to 20%.

Vietnamese Offshore Project

A 50% interest in the Accession Agreement for the Vietnamese offshore project with respect to Hanoi Trough-02 block located in the South China Sea was acquired from Quad Energy S.A., a private oil company. Exploration has been conducted at the block since 2007, and a number of promising formations were identified.

LUKOIL and Bashneft Establish a Joint Venture to Develop R.Trebs and A.Titov Fields

PJSC LUKOIL and OJSC ANC Bashneft signed an agreement for the Group to acquire a 25.1% stake in Bashneft-Polyus LLC, holder of a subsoil use license for the area that encompasses major oil fields named after Roman Trebs and Anatoliy Titov in Nenets Autonomous Okrug, as well as a joint venture agreement. The total recoverable reserves of commercial oil occurring within the license area are booked on the balance of the state and make up 140.1 million tons.

Renewables Developed

LUKOIL and Italian ERG Renew signed a joint venture agreement for the establishment of LUKErg Renew JV on a parity basis. LUKErg Renew is created as part of the Memorandum of Understanding for cooperation on the renewables market signed by PJSC LUKOIL and ERG Renew in July 2010. The JV will first operate in the field of renewable energy in Bulgaria and Romania, and then in Russia and Ukraine. The priority focus areas are represented by projects that involve the use of hydro-, wind and solar energy.


LUKOIL Joins a Project in Sierra Leone

Contractual arrangements have been achieved for the acquisition of a 49% stake from Oranto Petroleum in the exploration and production contract for deepwater offshore block SL-5-11 in the waters of the Republic of Sierra Leone. Block SL-5-11 with an area of 4 square km is located on the shelf and continental slope of the Atlantic Ocean within the territorial waters of Sierra Leone. Water depth at the block ranges from 300 to 3,300 meters. 2D and 3D seismic data acquisition was performed to identify several prospects containing significant oil reserves according to preliminary estimates.

Discovery on the Shelf of Cote d'Ivoire

Jointly with the American Vanco and PETROCI Holding, LUKOIL makes a discovery on CI-401 block on Cote d’Ivoire shelf. Independance-1X wildcat drilled within CI-401 block reached the planned depths and discovered good quality sandstones containing light oil and gas condensate. Independance-1X was drilled offshore at a depth of 1,689 meters 93 kilometers southeast of Abidjan. Independance-1X was the second wildcat drilled at CI-401 block. The area of the block is 619 square km with depths ranging from 950 to 2,100 meters.