Lukoil’s senior vice president for oil and gas production Azat Shamsuarov said on September 21, 2016, that the company plans to start oil production at the Filanovsky field in the Caspian Sea by the end of September.
Just days after reaching out to Iran, Russian energy Lukoil said it plans to start producing oil from territorial waters in the Caspian Sea.
«We are completing the first round of equipping the Filanovsky field. Yesterday we launched a 2nd oil well. We hope to join the (Transneft transportation) system by the end of September,» said Azat Shamsuarov.
Lukoil aims to spend about $13.5 billion on field development through the 2040s.
Finalovsky holds about 1.1 billion barrels of recoverable oil and 1.1 trillion cubic feet of recoverable natural gas reserves.
V. Filanovsky is the largest of all fields discovered in Russia in the past 25 years. It is located in the northern part of the Caspian Sea, 220km away from Astrakhan.
The water depth in this area ranges from 7-11m. Recoverable reserves amount to 128 million tons of oil and over 41 Bcm of natural and associated gas.