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Lukoil increases total oil output

The company will start production at a new oilfield in the Caspian Sea before the end of the month.

21.Sep.16 4:09 PM
By Alesya Davydova


Lukoil increases total oil output

Russia’s one of the largest oil producers Lukoil will start commercial-scale production at the Filanovsky oilfield in the Caspian Sea before the end of the month, reports citing the company’s information department. Two production wells with common capacity of 4,200 tons or 29,400 barrels o crude oil daily have already been drilled at Filanovsky.

Deputy Energy Minister Kiril Molodtsov told media earlier this year that annual production at Filanovsky is expected to reach 1 million tons of crude in 2016, and 8 million tons at peak production next year. Moreover, the field may produce about a billion cubic meters of natural gas per year when full-scale exploitations begins.

The Filanovsky field was discovered in 2005. Its recoverable reserves are estimated at 153.1 million tons of crude oil and 32.2 billion cubic meter of natural gas. The budget for the field’s development has been set at approximately US$13.6 billion for the period 2016-2045. Russia’s total crude oil production, according to Molodtsov, hit a historical record of 11 million barrels on September 8.

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