Lukoil discovers oil giant in Russian Caspian

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 at a slight pressure drawdown, Lukoil said. No water was detected.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’ ca...

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