Page 10 - FSUOGM Week 17 2022

FSUOGM PROJECTS & COMPANIES FSUOGM

Lukoil weighs up size of latest Caspian find

RUSSIA RUSSIA’S Lukoil estimates the size of its lat- either 2022 or 2023.
est discovery in the Caspian Sea at 140-150mn According to company data, Korchagin,
It is Lukoil's 10th tonnes of oil equivalent, or 1.0-1.1bn barrels of Filanovsky and Grayfer produced a combined
Caspian discovery since oil equivalent, the company said on its Telegram 7.34mn tonnes of hydrocarbons in 2021, down
it entered the region in channel on April 20. 0.4% year on year.
the 1990s. Lukoil reported the find in April last year after Beyond Russian waters, Lukoil is also a share-
drilling a well targeting the Titonskaya structure. holder in the giant Shah Deniz gas field in Azer-
Initially it found only oil, but a second well drilled baijan, where it paid Petronas $1.45bn to expand
since then also test-flowed gas and condensate at its stake from 9.9% to 19.99% earlier this year. It
a commercial level, Lukoil said last week. also reached a deal to buy a 25% interest in BP’s
Work is underway to refine the geological SWAP exploration area in the Azeri Caspian in
model of the deposit and study deep samples of September last year, but that transaction is yet to
reservoir fluids, Lukoil said. The results of the be closed.
assessment will be submitted to Russia’s state Lukoil also has several joint projects with
reserves commission. Kazakhstan’s state oil company KazMunayGas
Lukoil has been working in the Caspian since to develop subsea areas in the Caspian. They
the 1990s and has found 10 fields to date con- include Zhenis and Al Farabi, in the Kazakh
taining an estimated 7bn barrels of oil equivalent. section, and the Kvalynskoye and Tsentralnoye
The first of these fields to come on stream was fields straddling Russia and Kazakhstan’s shared
Korchagin in 2010, followed by Filanovsky in maritime border. At Tsentralnoye, Russia’s Gaz-
2016. The third, Grayfer, is on track for launch in prom is also a shareholder in the project. ™

Kashagan to close for

maintenance on June 1

KAZAKHSTAN OIL production at Kazakhstan’s giant Kasha- was down 3% month on month in March at
gan oilfield in the Caspian Sea will be fully 1.55mn bpd, because of problems at the CPC
Kazakh output has halted for “a short period of time” on June terminal on the Black Sea. CPC handles more
suffered disruptions in 1, the project’s operator NCOC revealed last than 80% of Kazakh oil and the equivalent of
recent weeks because week. The outage comes after recent disrup- 1.2% of global demand. The decline in output
of storm damage at a tions to national Kazakh oil supply, as a result last month was led by a 6% drop in supply at the
Black Sea terminal. of storm damage at the Black Sea terminal Chevron-led Tengiz onshore oilfield.
where this supply arrives via the Caspian Speaking last week, Kazakh Energy Minis-
Pipeline Consortium (CPC), for loading onto ter Bolat Akchukalkov said he was hopeful that
tankers for export. normal loading capacity at CPC terminal would
Output at Kashagan is due to average 336,000 be resumed shortly. It is understood that two of
barrels per day in May, under a preliminary the terminal’s single-point mooring buoys were
loading schedule, while overall CPC exports are damaged during the storm. The port needs two
expected to come to 1.418mn bpd, up from an of these buoys working to operate regularly, and
anticipated 1.351mn bpd this month. has been running at half-capacity since the inci-
According to Reuters, Kazkah oil production dent. ™

P10 www. NEWSBASE .com Week 17 26•April•2022