Middle East Economic Survey


No 23



Lukoil Puts Caspian Crude Reserves At 4.5Bn Tons

Lukoil Vice President Anatoly Novikov said on 3 June that its reserves in the Russia sector of the Caspian Sea may total 4.5bn tons (33bn barrels). Lukoil is the only private Russian oil company operating in the Caspian, where it began exploration efforts in the late 1990s. Lukoil is also operator of Azerbaijans offshore Yalama D-222 block. Speaking at the Caspian Oil and Gas...