Lukoil starts drilling exploration well at D-222 Block

Lukoil starts drilling exploration well at D-222 Block
# 04 November 2008 15:09 (UTC +04:00)
Baku. Vahab Rzayev – APA-Economics.Russia’s LUKoil Overseas Ltd. has started to drill the second well on the prospective block D-222 (Yalama), offshore the Azerbaijan section of the Caspian Sea, said Khoshbaht Yusifzade, Vice-President of SOCAR.
He added that the design depth is 2 650 meters and about 1 000 meters of which has been drilled.
The drilling work is carried out through Heydar Aliyev Rig.
Drilling of the first exploration well didn’t find it economically feasible in 2006.
Lukoil (60%) and SOCAR (40%) signed exploration, development and production sharing agreement on the block on July 3, 1997.
D-222 Block, straddling Azerbaijani and Russian sectors of the Caspian Sea, is part of Yalama Structure that is 70-80 meters far from the shore.
DYalama is estimated to hold 800 million barrels of oil and 50 billion cubic meters of natural gas. The project costs $2.5 billion in investment.
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THE OPERATION IS BEING PERFORMED