Gazprom and Lukoil Make Caspian Find

Gazprom and Lukoil Make Caspian Find

Russia’s OAO Gazprom and OAO Lukoil say they discovered a sizable oil and gas field in the Caspian Sea — but just how big, they are not sure.

Dow Jones Newswires quotes an official as saying it could hold up to 730 million barrels of oil.

Gazprom and Lukoil signed a deal in 2003 to develop a Caspian project with Kazakhstan’s KazMunaiGaz.

Lukoil is Russia’s largest private oil company, and Gazprom is the world’s largest gas company.

The landlocked Caspian is believed to contain the world’s third-largest energy reserves.

Share this post