Russia`s Lukoil spuds exploration well on offshore prospect
Russia`s Lukoil has begun drilling a new exploration well on the
offshore Yalama site in the Azerbaijan sector of the Caspian Sea,
according to Khoshbakht Yusifzada, First Vice-President of the
state oil company SOCAR.
Lukoil Overseas Ltd is the developer of the Yalama (D-222) prospect. This is the second exploration well to be drilled following an unsuccessful attempt to discover hydrocarbons at a depth of 4.5 km in March 2006.
The Yalama field is situated 30 km from the shore and shared by Azerbaijan and Russia. It is located in water depths ranging from 80 to 700 meters. The likelihood of discovering commercially-viable reserves of hydrocarbons is high. The project requires a $2.5 billion investment, according to officials.
Lukoil is a 65% shareholder in the project, with SOCAR at 20% and Gaz de France with 15%.
Lukoil Overseas Ltd is the developer of the Yalama (D-222) prospect. This is the second exploration well to be drilled following an unsuccessful attempt to discover hydrocarbons at a depth of 4.5 km in March 2006.
The Yalama field is situated 30 km from the shore and shared by Azerbaijan and Russia. It is located in water depths ranging from 80 to 700 meters. The likelihood of discovering commercially-viable reserves of hydrocarbons is high. The project requires a $2.5 billion investment, according to officials.
Lukoil is a 65% shareholder in the project, with SOCAR at 20% and Gaz de France with 15%.
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