Big new oil field
Lukoil makes discovery of 200 million barrel oil field in the Republic of Komi.
Exploration drilling at the Vostochno-Lanbeshorsky field indicates a resource potential of up to 200 million barrels, company Vice President Leonid Fedun told journalists on Friday, Oilru.com reports.
The field is located in the oil-rich Timan-Pechora provice, a region stretching over the Republic of Komi and the Nenets Autonomous Okrug. Lukoil from before has several major assets in the region, among them the Yuzhno-Khilchuyu, which is connected with the coastal terminal of Varandey with a company-owned pipeline. Although the field was launched in 2008, production has not yet reached planned volumes and Lukoi has admitted the project has not met expectations.
Read also: Oil companies join efforts in Timan Pechora
According to Leonid Fedun, Lukoil will after several years of decline in 2012 again increase its overall oil production. In last Friday´s presentation of 2011 results, Fedun underlined that domestic production will increase by two percent and production abroad with five percent starting from 2012. Figures from 2011 show that Lukoil has dropped to the third place among Russian oil companies, behind both Rosneft and TNK-BP, newspaper Vedomosti reports.
