LukOil Discovers Major Oil and Gas Field in the Caspian, Says AFX

LONDON (AFX) - Russian oil giant OAO LukOil said it discovered a major oil and gas condensate field in the Yuzhno-Rakushechnaya structure, in the Northern Caspian, 220 km from Astrakhan.

The probable and possible reserves of the new field are estimated at 600 mln barrels of oil and 1.2 trln cubic feet of gas. About 75 pct of the total reserves are estimated to be oil.

Preliminary calculations show that the maximum oil production rate at the new field will exceed 5 mln tons and the accumulated production will be about 80 mln tons, it said.