26-05-08 The Caspian oil and gas field discovered jointly by Russia's Gazprom and LUKoil could hold more than 100 mm tons, or around 730 mm barrels, of oil, a person familiar with the matter said.
Earlier the same day, the two companies said they had "discovered a large oil and gas condensate field" in the Caspian Sea's central structure.

The companies said they have started a feasibility study of the field, which is located 150 km from Makhach-Kala on the border between Russia and Kazakhstan.
In comparison, Brazil's state-run oil company Petrobras in November revealed it had discovered the Tupi field in Santos Basin, which could contain reserves of between 5 bn and 8 bn barrels of oil equivalent, making it the world's biggest oil discovery in seven years.

The Caspian discovery was made by TsentrKasneftegaz -- a joint venture between Gazprom and LUKoil created in 2003.
LUKoil -- Russia's second biggest oil producer -- last year said its proven oil reserves totalled 15,927 mm barrels, or 2,173 mm tons, of oil.