Lukoil reaches milestone in oil production: 5M tonnes of oil at Yuri Korchagin

lukoil 5 mil caspian

Lukoil has reached a landmark by passing a 5 million tonnes (38.6 million barrels) mark in oil production at the Yuri Korchagin field in the Caspian Sea.

The Yuri Korchagin field is an offshore oil field in the Russian sector of the North Caspian Sea. The field is located 180 kilometres (110 mi) from Astrakhan and 240 kilometres (150 mi) from Makhachkala at a sea depth of 11–13 metres (36–43 ft).

In 1999, Lukoil started exploratory drilling using the Astra jack-up rig, which had been modernized at the Krasniye Barrikady shipyard in Astrakhan. Production at the field was launched in April 2010. Its proven oil reserves are 113 million barrels.

According to Lukoil, in 2014, the field produced 1.5 million tonnes (11.3 million barrels) of oil.

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