New Oil Field Discovery
LUKOIL DISCOVERED MAJOR FIELD IN CASPIAN SEA
LUKOIL discovered a major multilayer oil and gas condensate field in the Yuzhno-Rakushechnaya structure, in the Northern Caspian, 220 km from Astrakhan.
The exploratory well gave an inflow of ultra light water-free low sulfur oil at the rate of over 800 tons per day.
The probable and possible reserves of the new field are estimated at 600 million barrels of oil and 1.2 trillion cubic feet of gas.
75% of the total reserves of the field is oil.
Preliminary calculations show that the maximum oil production rate at the new field will exceed 5 million tons and the accumulated production will be around 80 million tons (with the reserves recovery ratio of over 0.5).