Lukoil has Russia's first Caspian oil discovery

04/03/2000
Lukoil has made the first commercial discovery of oil in the Russian sector of the Caspian Sea.Upon announcing the strike, the giant Russian oil company outlined a tentative development plan for the field, a move that immediately alters the delicate balance of geopolitics governing exports of Caspian oil.Discovery, development detailsLukoil used the Astra jack up rig to drill the well on the Khvalynskoye structure on the Severny license 170 km off Russia's Astrakhan oblast.The well was drilled to 4,200 m TD and encountered seven hydrocarbon-bearing horizons.Plans call for completing and flow-testing the well soon."Now we are confident that there is oil in the Russian Caspian," said Lu...
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