Lundin finds oil on Lagansky block in Caspian Sea

Eric Watkins
Senior Correspondent

LOS ANGELES, July 4 -- Lundin Petroleum AB said its Morskaya-1 exploration well, which was drilled on Lagansky block in the northern Caspian Sea, has encountered a major oil accumulation in the Aptian and Neocomian sandstone reservoirs, with minor amounts of natural gas encountered in the overlying Albian reservoir.

Calling the discovery a "major milestone" for the company, Lundin President and Chief Executive Officer Ashley Heppenstall said Morskaya-1 "will have a material impact" on the company. "We look forward to our forthcoming exploration and appraisal program to further realize the excellent potential of this area," Heppenstall said.

Morskaya-1 has been drilled to a depth of 2,082 m in less than 2 m of water. A significant amount of cores, wireline logs and reservoir fluid samples have been acquired. Lundin said that the forward program this month involves the testing of at least two of the hydrocarbon bearing reservoirs.

The Morskaya structure straddles the license boundary of Lagansky block and the adjoining acreage controlled by the Caspian Oil Consortium and is on trend with several major oil and gas discoveries made by OAO Lukoil in the Russian sector of the Caspian Sea.

Lundin said Lagansky block contains significant additional prospectivity and following the testing of the Morskaya-1 well the Marine Drilling Complex (MDC) will be transported to the Laganskaya-1 well location, where drilling is expected to commence at the end of September.

Lundin plans to drill another two wells in 2009. Petrovskaya-1 will be targeting a large anticline to the northwest and on trend with the Morskaya discovery. The second well will most likely be an appraisal well of the Morskaya discovery.

Lundin has a 70% stake in Lagansky block. In July 2007, OAO Gazprom signed a call option agreement with Lundin to acquire a 50% stake plus one share in the block.

Contact Eric Watkins at hippalus@yahoo.com.

Related Articles

Tullow lets FEED to Dietswell for offshore module

12/18/2008 Tullow Oil Uganda has awarded a front-end engineering and design (FEED) contract to independent drilling service company Dietswell, Paris, to desig...

US rotary rig count continues to fall

12/12/2008 US drilling activity continued to decline this week, down 62 to 1,790 rotary rigs still working, compared with 1,824 during the same period a year ...

US drilling activity continues to fall

12/05/2008 US drilling activity continued to decline with more producers laying down rigs in an uncertain economy, according to the latest count by Baker Hugh...

US drilling rig count drops 75 units

11/26/2008 The US rig count plunged this week, down 75 units to 1,866 rotary rigs still working, in the biggest 1-week drop in some years.

US rig count remains unchanged

11/21/2008 US drilling activity was unchanged this week with 1,941 rotary rigs working, compared with 1,773 active rigs during the same period in 2007, said B...

US drilling activity falls

11/16/2008 US drilling activity fell by 51 rotary rigs to 1,941 working, up from 1,797 during the same period last year, said Baker Hughes Inc.

US rig count hits 6-week high

11/07/2008 US drilling activity climbed by 21 rotary rigs to 1,992 units drilling this week—the highest count in 6 weeks—vs. 1,801 working in the sa...

Reps. Davis, Issa urge Congress to address all US energy production aspects

10/31/2008 Two senior Republicans on the US House Oversight and Government Reform Committee issued a report on Oct. 28 calling for an approach that addresses ...

Total hires Angolan drilling rig

10/24/2008 Total E&P Angola has let a 2-year drilling contract worth $452 million to Diamond Offshore Drilling Inc. for its fourth-generation semisubmersible ...
White Papers

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...

Accurate Thermo-Fluid Simulation in Real Time Environments

The crux of any task undertaken in System Level Thermo-Fluid Analysis is striking a balance between ti...
Available Webcasts


Prevention, Detection and Mitigation of pipeline leaks in the modern world

When Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST



On Demand

Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


US Midstream at a Crossroads

Fri, Mar 6, 2015

Oil & Gas Journal’s Mar. 6, 2015, webcast will focus on US midstream companies at an inflection point in their development in response to more than 6 years shale oil and gas production growth. Major infrastructure—gas plants, gathering systems, and takeaway pipelines—have been built. Major fractionation hubs have expanded. Given the radically changed pricing environment since mid-2014, where do processors go from here? What is the fate of large projects caught in mid-development? How to producers and processors cooperate to ensure a sustainable and profitable future? This event will serve to set the discussion table for the annual GPA Convention in San Antonio, Apr. 13-16, 2015.

This event is sponsored by Leidos Engineering.

register:WEBCAST


The Future of US Refining

Fri, Feb 6, 2015

Oil & Gas Journal’s Feb. 6, 2015, webcast will focus on the future of US refining as various forces this year conspire to pull the industry in different directions. Lower oil prices generally reduce feedstock costs, but they have also lowered refiners’ returns, as 2015 begins with refined products priced at lows not seen in years. If lower per-barrel crude prices dampen production of lighter crudes among shale plays, what will happen to refiners’ plans to export more barrels of lighter crudes? And as always, refiners will be affected by government regulations, particularly those that suppress demand, increase costs, or limit access to markets or supply.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected