Killajoules

Lukoil Group Proved Hydrocarbon Reserves By SEC Standards Total 17.3 Billion Barrels Of Oil Equivalent
OAO LUKOIL finished an evaluation and independent audit of its oil and gas reserves as they stand on December 31, 2011. The evaluation was performed in accordance with the US Securities and Exchange Commission (SEC) standards until the economic limit of commercial production is reached.

Lukoil Acquires 20% of ISAB
LUKOIL was notified today that the Board of Directors of the Italian ERG has resolved to sell to LUKOIL 20% in the joint venture. The joint venture was established to operate the ISAB refining complex located in Priolo (Sicily).

This is a partial exercise of ERG’s option to sell its stake according to the agreement of 2008 to create a joint venture.

Thus, LUKOIL’s stake in the joint venture can be increased from 60% to 80%.

The transaction closing is expected in the second quarter of 2012. The transaction amount will reach EUR 400 million, excluding inventory.

Lukoil To Build A Tar Hydrocracker At Burgas Refinery
A turnkey project-implementation contract was signed in Sofia today for a heavy-residue hydrocracking complex to be built at the LUKOIL Neftochim Burgas refinery.

LUKOIL AND BASHNEFT ESTABLISH JOINT VENTURE TO DEVELOP R.TREBS AND A.TITOV FIELDS
OAO LUKOIL President Vagit Alekperov and OAO ANK Bashneft President Alexander Korsik signed agreements in LUKOIL’s Central Offices in Moscow today. Under one of the agreements, LUKOIL acquires a 25.1% share in OOO Bashneft-Polus who holds the license for Roman Trebs and Anatoly Titov oil fields. The other document signed is a joint venture partner agreement.

Eni signs an agreement with the Republic of Kazakhstan for the settlement of existing disputes and the entry of KMG in KPO
Today in Astana, the companies forming the Karachaganak Petroleum Operating B.V consortium (KPO): Eni (co-operator 32,5%), BG Group (co-operator 32,5%), Chevron (20%) and Lukoil (15%), signed a binding agreement with the Republic of Kazakhstan for the settlement of all the existing disputes and the entry of the national oil company KazMunaiGaz (KMG) in the consortium.

LUKoil finished building a delayed coking unit at the Volgograd Refinery
Today in Volgograd, President of OAO "LUKOIL", Alekperov and First Deputy Prime Minister Viktor Zubkov attended the ceremony the completion of a delayed coking unit at the Volgograd refinery.

LUKOIL Awards Iraq Contract to Baker Hughes
LUKOIL has awarded Baker Hughes (NYSE: BHI) a two-year contract to provide full drilling and completion services for 23 wells in the West Qurna field in southeast Iraq, 50 kilometers (31 miles) west of Basra.

Lukoil Signs Agreement To Join Project At Deep-Water Block In Sierra Leone
LUKOIL Overseas (a wholly-owned subsidiary of OAO LUKOIL) has acquired from the private company ORANTO Petroleum Ltd. a 49% stake in the Petroleum Agreement for SL-5-11 Offshore Block in the Republic of Sierra Leone (West Africa).

Lukoil and Rosneft Sign Agreement on Long-term Cooperation
Rosneft President Eduard Khudainatov and Lukoil President Vagit Alekperov today signed an agreement for long-term cooperation between their respective companies. Igor Sechin, Russia's Deputy Prime Minister was present during the signing ceremony.

Lukoil Signs Agreements On Exploration And Development Of Two Offshore Blocks In Romania
A consortium, including LUKOIL Overseas (a 100% subsidiary of OAO LUKOIL) and Vanco International signed concession agreements with the National Agency for Mineral Resources of Romania yesterday. The agreements provide for exploration and development of two blocks, Est Rapsodia and Trident, in the Romanian sector of the Black Sea.