Lukoil hikes Caspian field oil reserves

Lukoil has increased its estimate of recoverable reserves for Yuri Korchagin oil field in the Caspian Sea offshore Russia by about 50% to 360 million bbl.

It attributed the increase to “geological exploration” conducted this year.

Lukoil said it drilled four wells in the field this year with horizontal borehole lengths of 2-5 km and initial flow rates of 4,000-10,000 b/d. It expects to drill four horizontal wells in the field next year, with maximum horizontal displacement possibly exceeding 6 km.

Yuri Korchagin went online in 2010 and produced nearly 2.5 million bbl of crude oil last year.

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