Lukoil Says Development of Three Caspian Fields to Cost RUR 500bn

Lukoil believes the development of three Caspian fields will cost RUR 500bn, Lukoil head Vagit Alekperov has told a meeting on hydrocarbon production and transportation in the Caspian basin at the Russian prime minister's office, RIA Novosti reported.

Investment in the Korchagin and Filanovskoye fields are estimated to total RUR 400bn. Investment in prospecting only is estimated at RUR 24bn for 2013-2016, compared to RUR 28bn for all the previous years, said Alekperov.

This means that offshore production costs are rising rapidly, he said.

Copyright: Novosti Azerbaijana, 2013.