Recoverable reserves at new Lukoil discovery in Caspian potentially 140-150 mln toe

MOSCOW. April 20 (Interfax) - Lukoil has finished testing a second prospecting well at the Titonskaya structure in the Caspian Sea.

"Commercial inflows of gas and condensate were obtained as a result of the tests. According to a preliminary assessment of the results of the drilling of two wells, the volume of recoverable hydrocarbon reserves within the new discovered field is potentially 140 million-150 million tonnes of oil equivalent," the company said.

The seismo-geological models of the pay zones are being updated and deep reservoir fluid samples studied. The results will be submitted to the State Reserves Commission.

The company drilled its first well at the Titonskaya structure in 2020. Lukoil chef Vagit Alekperov informed Russian President Vladimir Putin about the new discovery in early April 2021. Probable geological resources were estimated at 130.4 million tonnes.

Lukoil produces oil and gas at two Caspian fields, Korchagin and Filanovsky. The company produced 7.3 million tonnes of oil in the Caspian in 2021.

The Grayfer field with initial recoverable reserves of 39 million tonnes of oil and about 33 billion cubic meters of gas is due to go on stream in 2022. The projected production level is 1.2 million tonnes.

The Kuvykin field with 6.3 million tonnes of recoverable C1+C2 oil, 231 billion cubic meters of gas, and 21 million tonnes of condensate is expected to be commissioned in 2029.

Lukoil discovered a large new gas deposit in the Caspian Sea this year, according to information on the Rosnedra website: the Khazri field's initial recoverable reserves are 48 billion cubic meters gas and 8.2 million tonnes condensate. The Titonskaya structure is very close to Khazri.