By OGJ editors
HOUSTON, July 3 -- Russian oil and natural firms OAO Lukoil and OAO Gazprom Tuesday established a joint venture to develop the Tsentralnaya structure in the Caspian Sea along with Kazakhstan's ZAO NK KazMunaiGaz. Lukoil and Gazprom will each hold equal interest in the JV, called OOO TsentrKaspneftegas.
In 1995, Lukoil began a wide-ranging G&G exploration of the Caspian, during which time it "identified the most promising sectors basing on the results" of the studies, the company said.
The four licenses obtained for the geological exploration of Tsentralny, Yalama-Samur, Tsentralno-Kaspiysky, and Vostochno-Rakushechny Blocks, Lukoil said.
Lukoil estimates the Tsentralaya structure to hold 521 million tons of oil equivalent.
