Lukoil unit buys share of Primorieneftegaz

Jan. 25, 2006
Russia's OAO Lukoil subsidiary OOO Lukoil-Nizhnevolzhskneft has acquired 51% minus 1 share of OAO Primorieneftegaz for $261 million.

Eric Watkins
Senior Correspondent

LOS ANGELES, Jan. 25 -- Russia's OAO Lukoil subsidiary OOO Lukoil-Nizhnevolzhskneft has acquired 51% minus 1 share of OAO Primorieneftegaz for $261 million.

Primorieneftegaz holds the exploration license for the Poymenny area, 60 km north of Astrakhan, where it discovered Tsentralno-Astrakhanskoye gas-condensate field in May 2004.

The probable and possible reserves are estimated at 2.76 billion boe.

Contact Eric Watkins at [email protected].