"Lukoil's subsidiary to develop two Caspian Sea shelf areas near Dagestan

Lukoil's subsidiary Lukoil-Nizhnevolzhskneft has received licenses for development of two fields in the Caspian Sea - named after R.U. Maganov and Khazri. This follows from the data of the state register of subsoil plots. The licenses for both fields were issued on December 20 for the period till the end of 2043.

"Lukoil discovered the Khazri gas condensate field with 48 billion cubic meters of gas reserves in 2022. In 2023, the company put the reserves of the oil and gas condensate field named after one of Lukoil's founders, Ravil Maganov, on the balance sheet. According to the results of the state expert examination, the oil reserves of 8.4 million tons, gas reserves of 136.2 billion cubic meters and condensate reserves of 24.4 million tons were put on the balance sheet.

According to the Institute of Geology of Dagestan Federal Research Center RAS, the forecast oil reserves in Dagestan section of the shelf amount to 820 million tons (gas - 740 billion cubic meters).

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