LUKOIL CONSOLIDATES ASSETS IN TIMAN PECHORA

Wednesday, August 22, 2012

OAO LUKOIL announced today that it has acquired ConocoPhillips’ indirect 30 percent interest in Naryanmarneftegaz (NMNG) and certain related assets.

ConocoPhillips indirectly owned 30% in NMNG. The acquisition brings LUKOIL’s total ownership interest in NMNG to 100%. Financial terms of the transaction were not disclosed.

In view of the sale of ConocoPhillips’ 30% interest in NMNG as part of its divesture program for 2012, LUKOIL is aiming to strengthen and consolidate positions in its key upstream region - Timan Pechora oil and gas province.

ConocoPhillips divested from LUKOIL’s share capital in February 2011.