Russia’s oil giant Lukoil plans to increase the annual oil output of offshore fields in the North Caspian Basin to 30 million tonnes by 2020, the director-general of Lukoil’s subsidiary – Lukoil-Nizhnevolzhskneft, Nikolai Nikolayev, briefed First Deputy Prime Minister Sergei Ivanov on Friday.
He pointed out that the gas output “will reach 18 billion cubic meters a year.”
“By 2015 the North Caspian Basin’s fields will produce 12 million tonnes of oil a year and 12 billion cubic meters of gas a year,” Nikolayev said.
The company plans to inject 15 billion roubles in geological surveys in the upcoming five years.
According to Lukoil’s geological service, estimated hydrocarbon reserves of Russia’s part of the Caspian Sea make up 4.5 billion tonnes of associate fuel.
Lukoil plans to build over 50 sea platforms in offshore fields of the North and Central Caspian basins.
(Itar-Tass)