12 August 2015, News Wires – Russia’s Lukoil announced late Tuesday that oil production from its Yuri Korchagin field in the Caspian Sea has passed the five million tons (38.6 million barrels) mark.
Production at Yuri Korchagin began in April 2010. Its proven oil reserves are estimated at 113 million barrels and in 2014 the field produced 11.3 million barrels of oil. Lukoil also announced Tuesday that it has been awarded the rights to develop the Vostochno-Taimyrsky block, located in the Taimyr Dolgano-Nenets district of the Krasnoyarsk region in West Siberia, onshore Russia.
The area of the block is approximately 5,135 square miles and the concession period is for 27 years.