LUKoil says reserves of Severny block in north Caspian appear to be large

Nov 16, 1999 01:00 AM

LUKoil's President Vagit Alekperov announced that his company had discovered oil at its offshore concession in the northern Caspian Sea.
Speaking to the press in St Petersburg, Alekperov said that the Severny block's reserves appeared to be quite large. He declined to reveal LUKoil's estimated reserve figures for the concession, saying only that the results from the first test well were "reassuring" and would be confirmed soon.
LUKoil began drilling its super-deep well at the Khvalynsky block in the summer of 1999. It used the Astra rig, which was overhauled at Astrakhan's Krasnye Barrikady shipyards, to sink the shaft to a depth of about 4,200 meters. No word was available on the next stage of work planned for the Severny block.
Alekperov said that LUKoil wanted to export oil extracted from the concession through Russia, via the bypass pipeline to be built around Chechnya through Dagestan.

Source: NewsBase
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