Lukoil Makes Major Discovery in the Caspian Sea

Lukoil has discovered a major multilayer oil and gas condensate field in the Severny licensed area, in the northern part of the Caspian sea. The field was discovered with the first exploration well in Yuzhno-Rakushechnaya structure, 220 km from Astrakhan.

The primary well gave inflow of light water-free low sulfur oil with over 800 tons per day flow rate at 0.2 MPa depression. Such flow rates in Russia are only known at few wells (average flow rate in Russia is 10.5 tons per day).

The reserves of the new field under the "probable" and "possible" categories are estimated to be 600 million barrels of oil and 1.2 trillion cubic feet of gas. Completion of exploration, preparation and approval of the design documentation for the development of the field will allow the upgrade of the reserves into the "proved" category.

The new field is the first predominantly oil field within the licensed areas of Lukoil in the Northern Caspian. 75% of the total reserves of the field are oil, while all the other fields discovered by the Company in the Caspian region are mostly gas fields.

The oil reserves of the new field considerably exceed those of the adjacent Yu Korchagin field, which is prepared for development, and differ favorably from the latter by the main geological parameters. The new field surpasses previously discovered fields in the Caspian region in its oil production potential.

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 extraction ratio of 0.5).

The new field and the Yu Korchagin field set the foundation for future vast offshore oil production infrastructure with reliable crude material base and annual production rate of around 8 million tons.

This new field is the first major oil field which was discovered in Russia during the past 10 years and allows Lukoil to essentially increase efficiency of expensive exploration in the Caspian sea.

The new field was given the name of Vladimir Filanovsky, a famous Russian oil man who made a significant contributions into the development of the Russian oil industry.

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