Lukoil expects substantial increase in oil reserve at Korchagin field
LONDON. Oct 16 (Interfax) - Lukoil is expecting a substantial increase in oil reserves at the Korchagin field in the Caspian Sea, the Russian oil company's President Vagit Alekperov said during a presentation for investors in London.
"We have made another discovery and increased reserves at Korchagin," he said.
Lukoil will therefore erect additional facilities at the field in order to ramp up oil and gas production, he said.
A Lukoil representative told Interfax that an exploratory well drilled at the field earlier this year made it possible to anticipate an increase in reserves. In order to confirm this fact, the company will need to drill further.
According to Alekperov's presentation, Lukoil anticipates a 50% jump in recoverable oil reserves to 360 million barrels.
In addition, the Russian oil company has made positive discoveries at the Sarmatskaya and West Sarmatskaya structures, which have been renamed the Kuvykina field, Alekperov said. According to Lukoil's data, recoverable gas reserves have been raised by 224 million barrels of oil equivalent (boe), totaling 1.2 billion boe.
"We are confident that this isn't the last discovery at that field, because we have seen the manifestation of an oil rim in the embedded layers. So we are continuing geological exploration," Alekperov said.