LUKOIL
announces major oil and gas discovery
AFP
MOSCOW
Petroleumworld.com 01 26 06
Russian oil giant LUKOIL on Wednesday announced what it termed
the largest oil and gas discovery in Russia in the last 10 years
and said it had acquired a 51 percent stake in a gas company operating
in southern Russia.
The Russian group said that in the northern Caspian sea it had
discovered a field with probable and possible reserves of 600
million barrels of crude oil and 1.2 billion cubic meters (42
billion cubic feet).
"It is the largest field discovered in Russia in the last
10 years," LUKOIL said.
The group hopes to achieve a maximum production pace of five million
tonnes of oil a year from the field. Prior to the discovery LUKOIL
said its oil and gas reserves totalled more than 20 billion billion
barrels of oil equivalent, the second largest in the world.
Production at LUKOIL rose 4.5 percent last year to 90.1 million
tonnes of oil and 17 percent to 7.6 billion cubic meters of natural
gas.
In another development, the company disclosed that it had bought
a 51 percent-plus-one share stake in Primorieneftegaz for 261
million dollars (212 million euros).
Primorieneftegaz operates a gas field in the Astrakhan region
of southern Russia that has probable reserves of 2.76 billion
barrels of oil equivalent, according to LUKOIL.
AFP
01 25 06
Copyright
© 2006 AFP. All rights reserved
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