Russian oil and gas company Lukoil has reached 50 million tons of liquid hydrocarbon production in the Russian sector of the Caspian Sea.
Lukoil said it has so far discovered 11 fields in the Caspian Sea. The first, named after Yury Korchagin, was discovered in 2000 and launched in 2010.
In 2005, Lukoil discovered the Vladimir Filanovsky field with initial recoverable reserves of 129 million tonnes of oil and 30 bcm of gas. It became the largest geological discovery in post-Soviet Russia. Commercial production at the field began in 2016.
The company continues to develop the Valery Grayfer field. Its plateau level is expected to exceed one million tons of oil per year.
After drilling and testing exploratory wells in 2022, a large Khazri gas condensate field was discovered. This year, Lukoil plans to submit to the Russian national registry data on a huge oil and gas condensate field named after one of the company’s founders, Ravil Maganov. The Yury Kuvykin field is also a potentially potential producing area.
“While developing oil production in the North Caspian, Lukoil continues to improve the environmental safety of its operations and uses technologies of zero discharge, satellite monitoring and reproduction of bioresources,” Lukoil said in the statement.
It is worth noting that Lukoil is one of the largest vertically integrated oil and gas companies in the world, accounting for more than 2% of crude oil production and about 1% of proven hydrocarbon reserves at worldwide
Lukoil has a complete production cycle to control the entire value chain from upstream to downstream. According to data provided by Lukoil, the company employs more than 110 thousand people.
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