The new oil field will be explored in the Caspian Sea water area in Dagestan. Regnum news agency quoted the press office of the Dagestan government as saying on April 14 that the statement was made at the session attended by the representatives of LUKoil and the Dagestan government headed by Vice Premier Arsen Hasanov, which was devoted to cooperation between the Dagestan government and LUKoil for development of the Central field in the Caspian Sea.
Aleksei Kazakov, senior Deputy General Director of Nizhnevolzhskneft, daughter company of LUKoil, who has attended the session, said that the company will have to explore Hazri and Titon fields. Drilling on one of the fields will begin in September 2014 and the decision on another field will be made on the basis of the drilling results. The company’s representatives said that this will be only exploration drilling.
Kazakov added that at present Nizhnevolzhskneft is the only Russian company extracting oil in the Caspian Sea. 1,400,000 tons of oil a year is extracted on the Korchagin field.
