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.