ADVERTISEMENT

LUKoil, Gazprom find large Caspian gas, oilfield

World

Russian energy majors LUKoil and Gazprom have discovered a large oil and gas field offshore the Russian sector of the Caspian Sea, the firms said on Thursday.

The companies said the field had been discovered at the Tsentralnaya structure in the Caspian, on the Russian-Kazakh border, 150 km to the east of Makhachkala, the capital of Russia’s southern region of Dagestan. “While testing the deposit a fountain of low-sulphur crude oil was received from a well,” the firms said in a statement. They did not give any potential reserve estimate, saying an additional seismic study was needed.

LUKoil, Russia’s No. 2 oil producer and gas export monopoly Gazprom set up a 50/50 venture in 2003 as part of the Russian-Kazakh agreement on splitting the northern part of the Caspian Sea. Under the deal, the Tsentralnaya structure was handed to Russia on condition that commercial reserves if found would be jointly developed by Russia and Kazakhstan. LUKoil, which sees Caspian Sea as one of its top growth regions, has discovered six deposits in the area from 1999 to 2005. It has said it is able to produce 240,000 barrels per day from only two of them, Korchagin and Filanovsky, by 2016. (Reuters)

ADVERTISEMENT

Purchasing Managers' Index rises Analysis

Purchasing Managers' Index rises

Lawmakers approve residency permit for digital nomads Parliament

Lawmakers approve residency permit for digital nomads

The strongest move - Morgan Stanley Hungary head and Chess F... Podcasts

The strongest move - Morgan Stanley Hungary head and Chess F...

New Jewish cultural hub opens in Budapest City

New Jewish cultural hub opens in Budapest

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.