Lukoil discovers oil giant in Russian Caspian

By OGJ editors
HOUSTON, Jan. 26 -- OAO Lukoil discovered a multipay oil and gas-condensate field on the Severny license in the Caspian Sea, calling it Russia's largest discovery in a decade.

The discovery well on the Yuzhno-Rakushechnaya structure flowed at the rate of 800 tons/day (5,840 b/d) of light, low sulfur oil, Lukoil said.

The field, 220 km south-southwest of Astrakhan, is likely to contain probable and possible recoverable volumes of 600 million bbl of oil and 1.2 tcf of gas.

"Completion of exploration, preparation and approval of the design documentation for the development of the field will allow to upgrade the reserves to the 'proved' category," Lukoil said. It named the field after prominent Russian oil man Vladimir Filanovsky.

The company said 75% of the field's reserves are oil, whereas most other fields it operates in the Caspian region are predominantly gas.

Filanovsky is just northwest of, larger than, and has more favorable geology than Lukoil's Yu. Korchagin field, which is under development. Early data indicate that the new field should produce 100,000 b/d.

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