FEC Around $50bn to be invested in oil and gas projects in the Caspian President of LUKoil
So far, approximately $50bn under the oil and gas projects in the Caspian The president of the Russian oil company LUKoil, Vagit Alakparov stated to a conference on Stable development of oil and gas operations in the Caspian basin, Trend reports.
The oil production in the Caspian increased twice, while gas 30%. Expansion of the CPC and the completion of the construction of the BakuTbilisi-Ceyhan main export oil pipeline (BTC) provide an access to the Caspian energy resources, he said. At present LUKoil is exploring 10 perspectives in the Caspian, while it has succeeded to 6 fields with the estimated reserves of approximately 150 million tons of oil and 700 billion cu m of gas.
He noted that now the company is involved in the development of the northern part of the Caspian. It has experience in operating at low depth in the border of ice coverings. The similar project is carried out in the Baltic Sea, he underlined. The development of the Central Caspian will be carried out a bit later due to small depth. Gas produced by companies will be delivered to internal market of Russia for refinery. The oil will be transported to world oil markets.
The companies are in talks with Transneft, CPC, Azerbaijan and Iran in the issue of transportation of own oil, he concluded.