Lukoil does not intend to return to Yalama project in Caspian Sea: head of company

Lukoil does not intend to return to Yalama project in Caspian Sea: head of company

Russia, Saint-Petersburg, June 6 / Trend V. Ustinova /

Yalama project was frozen in Azerbaijani sector of the Caspian Sea. Lukoil does not plan to invest and unfreeze it in future, Russian company head Vagit Alekperov told Trend on June 5. Alekperov participated in XIII Saint-Petersburg international economic forum.   

Lukoil completed drilling of the second exploring well in Yalama early 2009. No commercial reserves of hydrocarbon were found as in the first one.

The contract on development of Yalama offshore field (D-222 bloc) was signed on July 3, 1997. D-222 bloc is part of Yalama structure equally placed in Azerbaijani and Russian sectors of the Caspian Sea. They are placed 30 kilometers of coast at a depth from 80-700 meters. A package of agreements on additional terms of exploring and development of D-222 bloc was signed in 2003. The package of agreements envisages increase of Lukoil group share in the project to 80 percent and extension of contractual area to 3,000 square kilometers.

The agreement on Lukoil's sale of 15 percent of share holding in exploring and development of prospective structure project to French company Gaz de France was signed in 2008.

Presently, share holding of companies participated in this project is the following: Lukoil - 65 percent, SOCAR (the State Oil Company of Azerbaijan) - 20 percent and Gaz de France - 15 percent.

Seismic research of block was completed in 2004. Drilling of exploring well was launched. The first exploring well was drilled in 2005. No commercial reserves of hydrocarbon were revealed during drilling. The second exploring well in the prospective structure D-222 (Yalama) was drilled in October 2008. 

Drilling was conducted from drilling plant named after Heydar Aliyev. Danish company Maersk Drilling owns this drilling plant. Overseas Operating Company Ltd. conducts drilling. Depth of the second exploration well hit 2,650 meters. It was drilled 22 kilometers from the first exploration well in Yalama at a depth of 690 meters.

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