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 NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Plant Design for Lean Construction - at your fingertips

One area which can provide improvements to the adoption of Lean principles is the application of mobil...
Sponsored by

How to Keep Your Mud System Vibrator Hose from Getting Hammered to Death

To prevent the vibrating hoses on your oilfield mud circulation systems from failing, you must examine...
Sponsored by

Duty of Care

Good corporate social responsibility means implementing effective workplace health and safety measures...
Sponsored by

Available Webcasts


On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Utilizing Predictive Analytics to Optimize Productivity in Oil & Gas Operations

Tue, Nov 18, 2014

Join IBM on Tuesday, November 18 @ 1pm CST to explore how Predictive Analytics can help your organization maximize productivity, operational performance & associated processes to drive enterprise wide productivity and profitability.

register:WEBCAST


US HYDROCARBON EXPORTS Part 3 — LNG

Fri, Nov 14, 2014

US LNG Exports, the third in a trilogy of webcasts focusing on the broad topic of US Hydrocarbon Exports.

A discussion of the problems and potential for the export of US-produced liquefied natural gas.

These and other topics will be discussed, with the latest thoughts on U.S. LNG export policy.

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