03 June 2004 12:47
LUKOIL ESTIMATES YALAMA RESERVES AT 0.5 BILLION TONNES OF OIL
BAKU. June 3 (Interfax-Azerbaijan) - The Lukoil Oil Company has estimated the reserves of the Yalama deposit at 0.5
billion tonnes of oil, Lukoil Vice-President and head of the company's main department on geology and development
Anatoly Novikov said in Baku on Wednesday.
He said the company would start drilling an appraisal well in the Azerbaijani sector of the deposit (D-222). "We
have studied the bloc well, and we will try to estimate the reserves of the deposit's Russian sector with the help
of this appraisal well," Novikov said.
It will take three or four appraisal wells to estimate the deposit's reserves in full, he said. The first well
will be drilled from the Lider semi-submerged floating rig.
The D-222 (Yalama) deep-water bloc borders on the Russian sector of the Caspian Sea. The State Oil Company of the
Azerbaijani Republic and Lukoil Overseas (the operator) are implementing the project. Lukoil increased its interest in
the project from 60% to 80% in April. Investments in the project will total $2 billion.
Lukoil is licensed to develop the Russian sector of the deposit.
The sea is 80 to 700 meters deep in the Yalama zone. The Lider semi- submerged floating rig was commissioned in July
2003. The Dutch- based Maersk Contractors build the rig which will cost $250 million.
[Interfax] |
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