Friday, May 30, 2008

Gazprom and Lukoil make Caspian discovery

Lukoil and Gazprom have discovered a large oil and gas field in Russian waters of the Caspian Sea.

The field is in the Tsentralnaya structure, 150 kilometers (93.2 miles) east of Makhachkala, the capital of Russian Federation member the Republic of Dagestan. In 2003, Gazprom and Lukoil formed a joint venture to develop oil and gas resources in the region. At the time, Lukoil estimated that recoverable oil reserves of Tsentralnaya totaled 521.1 million tons while gas reserves came to 97.1 Bcm (3.4 Tcf).

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