LUKOIL may return to development of Azeri sea field Karabakh
The Russian LUKOIL holds monitoring of different prespective oil and gas projects in Azerbaijan. The LUKOIL considers possibility of returning to the preojetc on development of the field Karabakh, Ravil Maganov, the Vice-President of the Company, said journalists on Friday.
вЂњWe study new and old projects in Azerbaijan and consider possibility of returning to the project [Karabakh],вЂќ he stressed.
Touching upon decrease of investment attractiveness of new and old projects in the view of dropping in oil prices in the future, Maganov said that the LUKOIL counted their investment projects on $28 per barrel DTD.
The State Oil Company of Azerbaijan (SOCAR) held a reappraisal of the oil reserves in Karabakh field. According to last estimations, the producing reserves comprise from 47 to 49m tons with 100 m tons of geologic reserves.
The current oil prices allow the Company to get great profit from development of the field, the SOCAR told Trend. If foreign companies do not demonstrate interest to the project, Azerbaijan will be able to exploit the part of the existing platform вЂ�Guneshli-7вЂ™ in Karabakh field.
The specialists of the CIPCO, including Pennzoil, Agip, the SOCAR and the LUKOIL, made a conclusion on inexpediency of development of the field in 1998.
The SOCAR also stressed that they held different research work to construct the platform in Karabakh field.