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LUKoil, ConocoPhillips bring North Russia oil field on stream

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)