http://en.rian.ru/russia/20100428/158787497.html
Putin launches oil extraction in Russian Caspian
17:3328/04/2010
Russian Prime Minister Vladimir Putin visited an oil platform on the Russian
part of the Caspian Sea on Wednesday to launch industrial oil production by
Russia's largest independent oil producer, LUKoil.
In mid-September 2009, LUKoil completed construction of a maritime platform for
oil storage and loading onto tankers from the Korchagin field on the Caspian
Sea. The field lies around 180 km (112 miles) from Astrakhan and 240 km (149
miles) from Makhachkala and has recoverable reserves estimated at 28.8 million
metric tons (211 million barrels) of oil and 63.3 billion cu m of natural gas.
The offshore deposit could yield a maximum annual output of 2.5 million (18
million barrels) of oil and 1 billion cubic meters of natural gas.
>From 1999 to 2005, LUKoil discovered six oil and gas deposits in the northern
>part of the Caspian Sea, with total reserves of 4.7 billion barrels of oil
>equivalent.
Eventually, LUKoil plans to begin development on other deposits in the Russian
part of the Caspian. LUKoil CEO Vagit Alekperov said in September 2009 total
investment in hydrocarbon extraction in the Russian Caspian would reach $12
billion in the next six and a half years.
KORCHAGIN OIL PLATFORM (Caspian Seas), April 28 (RIA Novosti)
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