Lukoil’s Caspian Oil Field Grayfer to Start Production in 2022

BUSINESS TURKMENISTAN
Lukoil’s Caspian Oil Field Grayfer to Start Production in 2022
The design level of production at the field in the Russian sector of Caspian Sea is expected to be 1.2 million tons of oil a year.

The Russian oil and gas company Lukoil plans to launch the Grayfer field in the Caspian Sea at the end of 2022, the company's Vice President Pavel Zhdanov announced during a teleconference with investors, the TASS news agency reported on Wednesday.

“We plan to launch the Grayfer field by the end of 2022,” Zhdanov said.

The design level of production at the field in the Russian sector of Caspian Sea is expected to be 1.2 million tons of oil a year.

Lukoil has been conducting geological exploration in the North Caspian since 1995, deep drilling since 1999. Lukoil has discovered a total of 10 fields in the Caspian Sea with 7 billion barrels of recoverable oil.

At the end of October this year in Ashgabat, President of Turkmenistan Gurbanguly Berdimuhamedov and the Head of Lukoil Vagit Alekperov  discussed the development of hydrocarbon resources in the Caspian region.