Interfax quoted Mr Andrei Kuzyayev a Lukoil vice president and the head of Lukoil Overseas said Lukoil Overseas, the operator for the international upstream projects of Russia Lukoil has formed three alliances with two Norwegian companies, Det Norske and North Energy and one Swedish company, Lundin to bid at the Norwegian government next , 22nd licensing tender round.

Mr Kuzyayev said the companies are participating in the consortia on equal terms. Lukoil is the operator of one of them. He said that Lukoil planned to invest USD 100 million per year in exploration in the Barents Sea in three years starting at the end of 2013.

He did not rule out the company acquiring existing reserves in Norway in the future.

Mr Kuzyayev said Lukoil Overseas was also preparing for the next, 23rd tender, due to take place in 2014-2015, when blocks in the southern part of the Barents Sea grey zone will be offered.

He said that one of the attractions of working in Norway is that the government refunds up to 78% of what investors spend on exploration, including drilling. He added that "Also, we receive combined licenses for both exploration and production in Norway, which is an additional stimulus."
The tender is for 84 blocks, 72 of them in the Barents Sea, in the central and western part of the Norwegian sector. The deadline for submitting bids is December 4 and the results will be announced in the spring of 2013.

Source - Interfax

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