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LUKoil and US energy giant ConocoPhillips have put into operation an oil deposit in northern Russia, the country’s leading crude producer said Thursday.
The Yuzhno-Khylchuyuskoye field has 500 million barrels in proven reserves with production expected to reach a projected 7.5 million tons (150,000 bbl/d) in 2009. The inauguration ceremony was attended by LUKoil President Vagit Alekperov and ConocoPhillips CEO Jim Mulva. LUKoil has a 70% stake in the project. (RIA Novosti)