Lukoil finally closed Kazakhstan oil fields

©RIA Novosti

Russian oil company Lukoil closed two out of three exploration projects at the Caspian shelf in Kazakhstan, Tengrinews.kz reports citing the interview of Director of Lukoil Overseas branch in Astana Andrey Kirillov to the company’s corporate newspaper. “Our expectations were not met in Tub-Karagan and Atashskaya projects and they are being closed,” Kirillov said. “All the operational and social obligations under these projects have been fully performed.” He also noted that a drilling contractor is being selected for South Zhambai-South Zaburunye field. “The process is delayed because of the complicated working conditions at this shallow-water field, as well as because of lack of required drilling equipment in the area. In general, exploration works at the Caspian shelf have not yield the expected results and we have not made any commercial discoveries.” Earlier Tengrinews.kz English reported that Lukoil might decide to close two projects in Kazakhstan sector of the Caspian Sea by the end of the financial year. As per the company, the reason behind the possible abandoning of the projects is lack of commercial oil reserves.

Russian oil company Lukoil closed two out of three exploration projects at the Caspian shelf in Kazakhstan, Tengrinews.kz reports citing the interview of Director of Lukoil Overseas branch in Astana Andrey Kirillov to the company’s corporate newspaper. “Our expectations were not met in Tub-Karagan and Atashskaya projects and they are being closed,” Kirillov said. “All the operational and social obligations under these projects have been fully performed.” He also noted that a drilling contractor is being selected for South Zhambai-South Zaburunye field. “The process is delayed because of the complicated working conditions at this shallow-water field, as well as because of lack of required drilling equipment in the area. In general, exploration works at the Caspian shelf have not yield the expected results and we have not made any commercial discoveries.” Earlier Tengrinews.kz English reported that Lukoil might decide to close two projects in Kazakhstan sector of the Caspian Sea by the end of the financial year. As per the company, the reason behind the possible abandoning of the projects is lack of commercial oil reserves.

Oil Kazakhstan Kazakh field Caspian Sea