Crude oil production in Caspian Sea can reach 200 million tons per year by 2021-2024

Makhachkala, April 15, 2014. Crude oil production in the Caspian Sea can reach 200 million tons per year by 2021-2024, and gas production can reach 270 billion cubic meters, said Chairman of the "LUKOIL" the board of directors Valery Greifer at the international economic forum "Caspian Dialog".

"Sea projects for the "LUKOIL" company are a priority including the ones in the Caspian Sea, though we also work in the Baltic Sea and abroad - in Romania, Vietnam and other countries. Our business dimensions in addition to increasing oil production are training specialists, paying attention to the environmental situation and reliability of the equipment," - Greifer said.

According to British Petroleum estimates, the proven oil reserves of 5 Caspian states account for about 30 billion tons, or 19% of the world's proven oil reserves ; the proven reserves of natural gas are 145 trillion cubic meters, or 45% of the world's proven natural gas reserves.

As previously reported by ITAR-TASS, "LUKOIL" started oil production in the Korchagin deposit in April 2010; the first Caspian Stream tanker with oil from the deposit was loaded in October 2010.

The Korchagin deposit was opened by "LUKOIL" in 2000. Its 3P hydrocarbon reserves exceed 270 million barrels of oil equivalent.

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