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Russia's largest independent crude producer LUKoil [RTS: LKOH] is in talks
Russia's largest independent crude producer LUKoil [RTS: LKOH] is in talks with U.K.-based Regal Petroleum on buying its gas deposits in Ukraine, a British paper said on Wednesday.

Regal Petroleum, licensed to develop Ukraine's Mekhediviska-Golotvschinska and Svyrydivske fields with total reserves of over 25 billion cu m of gas and almost 6 million cu m of gas condensate, said it had received offers from several companies but talks are at the initial stage, The Guardian newspaper wrote.

LUKoil's name was not mentioned by the U.K. firm but sources say the Russian crude producer is prepared to pay $1 billion for the gas assets, the paper reported.

Regal Petroleum conducted purchase talks with Shell five months ago but no deal was reached due to changes in the management at the British company, the paper said.

LUKoil has declined to comment on the reports.


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