Russia’s Lukoil To Start Barents Sea Exploration

Published at 02:18PM - 07/04/16

Lukoil to start Barents Sea exploration, as the company is granted a licence to drill offshore in an area located in the Russian sector.

A statement released by the Russian based firm said: ‘Lukoil was granted the right to use a subsoil block of federal significance which includes D29 and D41oil fields located in the Baltic Sea for the purpose of hydrocarbon exploration and production.’

‘The fields were discovered in 2015. Exploration wells were drilled with a jack-up drilling rig “Arktichesksaya” of OOO “Gazprom Flot”.’

‘Recoverable oil reserves are estimated as 2.126 mln tons at D29 field and 2.003 mln tons at D41 field.’