"We have discovered a large deposit estimated at around 300 million metric tons of oil equivalent. It is not unique, but it is large," LUKoil CEO Vagit Alekperov said in a live interview with Russia's Vesti TV channel.
In May, TsentrKaspneftegaz, a joint venture established on a parity basis between Russian energy giant Gazprom and LUKoil discovered a large oil and gas condensate deposit at the Tsentralnaya structure in the central part of the middle Caspian Sea on the border between Russia and Kazakhstan. The deposit was discovered within Russia's sector of the sea, 150 km (90 miles) to the east of the city of Makhachkala.
The deposit is expected to be brought into production in 2017-2018.
LUKoil Vice-President Ravil Maganov earlier said a joint venture between LUKoil, Gazprom and Kazakhstan's KazMunaiGaz could be established under a concession agreement within 12-18 months to develop the Caspian Sea shelf.
TsentrKaspneftegaz was established in June 2003 following the signing of a protocol to a treaty concluded in May 2002 between Russian and Kazakhstan on dividing the seabed of the northern Caspian Sea. Under the treaty, the Tsentralnaya block was transferred to Russia and stipulated that any commercial reserves that may be discovered would be developed on a parity basis between Russia and Kazakhstan.
